Chicago Stock Exchange to Pay $300,000 for Trade Errors
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Chicago Stock Exchange Inc. agreed to pay $300,000 to settle U.S. regulatory claims that it failed to comply with rules designed to ensure all investors get the best prices.
Some brokers were able to abuse a component of the exchange’s order-matching system to obtain better prices at the expense of other investors, according to an order from the Securities and Exchange Commission made public today. One broker manipulated the system to advantage hedge-fund clients at the expense of other traders, the order said.