ITG Pays Record Dark Pool Fine for Secret Trading Desk
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Investment Technology Group Inc. agreed to pay a record fine for violations involving a dark pool and admitted wrongdoing over allegations that it ran a secret trading desk that misused information about clients’ orders.
ITG will pay a total of $20.3 million for operating a proprietary trading desk that used knowledge of customers’ requests to trade for its own benefit, leveraging data other users of the dark pool didn’t have, the U.S. Securities and Exchange Commission said in a statement Wednesday.