Dark pool settles SEC charges over failing to protect data
WASHINGTON Oct 3 (Reuters) - Boston-based dark pool operator eBX LLC on Wednesday agreed to pay an $800,000 penalty to settle civil charges that it had failed to protect its subscribers' confidential trading information.
This marks the latest enforcement action by the Securities and Exchange Commission against a "dark pool" - a type of alternative trading system that lets investors anonymously trade larger blocks of stock without tipping their hand to the broader market.
The SEC alleged that eBX erroneously told its users that their buy and sell orders would not be shared outside the company, but an outside technology firm was allowed to use the data for its own business interests.
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