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New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange (NYSE) and 2 affiliated exchanges (NYSE Arca, and NYSE American) have agreed to pay $14 million in settlement for regulatory failures that have caused disruptive market events.

” NYSE and 2 Affiliates to Pay $14 million in settlement “

On 24th August 2015, the exchanges had implemented a total shutdown of two of the exchanges and applying price collars (circuit breakers) during unusual market volatility. They broke rules regarding business continuity and disaster recovery that includes implementing a market-wide regulatory halt and negligently misrepresenting stock prices as as “automated” despite extensive system issues.

The charges for the NYSE exchanges were brought by Securities and Exchange Commission (SEC) for violating Regulation SCI’s business continuity and disaster recovery requirement. Regulation Systems Compliance and Integrity (Regulation SCI) is a set of rules created by SEC to monitor the security & capabilities of the securities markets’ technology infrastructure.  The SEC’s investigations were conducted by the Market Abuse Unit and New York Regional Office.

Sources: SEC, Reuters, Forbes



About NYSE Group

NYSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group includes exchanges, market data and connectivity services. The equity exchanges — the New York Stock Exchange, NYSE American and NYSE Arca — trade more U.S. equity volume than any other exchange group. NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE American Options are leading equity options exchanges.



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