The New York Stock Exchange was fined $14 million by the Securities and Exchange Commission and charged with regulatory failures in connection with multiple episodes, including several disruptive market events. According to the SEC’s order, the violations include erroneously implementing a market-wide regulatory halt, negligently misrepresenting stock prices as “automated” despite extensive system issues ahead of a total shutdown of two of the exchanges, and applying price collars during unusual market volatility on Aug. 24, 2015, without a rule in effect to permit them. The SEC also said the NYSE broke rules on business continuity and disaster recovery. NYSE, NYSE Arca, and NYSE American — all units of Intercontinental Exchange — neither admitted nor denied the findings.
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