SEC
Whistleblower
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SEC & DOJ Prosecutions

SEC & DOJ Prosecutions

Combined Settlement of $14 Million with National Securities Exchanges

In the Matter of EDGA Exchange, Inc., and EDGX Exchange, Inc., Respondents

  • 2015
  • $14 Million

SEC investigation found that respondent exchanges violated federal securities laws by failing to accurately describe in their rules the order types being used on the exchanges. They were supposed to be processing orders using a single “displayed price sliding process” according to their rules, but actually offered three price sliding order types: Hide Not Slide, Price Adjust, and Single Re-Price. Most members (a select few were privy) were not properly informed of the prices at which those orders would be ranked and executable in certain circumstances, or the execution priority of the three order types.

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