Action against Respondents, a registered broker-dealer and its affiliate, for alleged misrepresentations and failure to protect customers’ confidential trading information.  According to the SEC, Respondents misrepresented or failed to disclose features of a dark pool that Respondents operated, including the existence of two separate liquidity pools within the alternative trading system. The SEC further alleges that Respondents improperly disclosed information about customers’ trades, such as order size.  Respondents have agreed to pay a civil penalty of $12 million.

SEC Order

SEC Press Release