Investment Technology to pay record fine for dark pool violations
It admits wrongdoing over allegations that it ran a secret trading desk that misused information about clients' orders
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New York
INVESTMENT Technology Group Inc (ITG) 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 US$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 US Securities and Exchange Commission (SEC) said in a statement on Wednesday.
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