January 15, 2015

UBS Securities LLC

Financial Fraud

SANCTION AMOUNT: $14,476,389

Defendants: UBS Securities LLC

Settlement of charges of securities law violations related to the operation and marketing of Respondent's dark pool. The dark pool allegedly was not a level playing field because Respondent failed to properly disclose to all subscribers the existence of an order type that allowed sub-penny orders to be placed, which otherwise were not permitted and which allowed traders to jump ahead of orders in the usual increments. Respondent allegedly pitched this almost exclusively to market makers and high-frequency trading firms.

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