NYSE Euronext Statement Regarding Settlement Agreement with Securities and Exchange Commission
14 Settembre 2012 - 4:55PM
Business Wire
NYSE Euronext (NYSE: NYX) announced today that it has reached a
settlement agreement with the Securities and Exchange Commission
(SEC) relating primarily to alleged violations by New York Stock
Exchange LLC of Rule 603(a) of Regulation NMS, a rule governing the
timing of delivery of certain exchange market data. The SEC also
alleged that NYSE failed to retain certain computer files in
violation of SEC record-keeping requirements. NYSE Euronext entered
into the settlement without admitting or denying the SEC’s
allegations. In accordance with the settlement, NYSE Euronext has
agreed to pay a $5 million fine, to retain an independent
consultant to evaluate NYSE Euronext’s U.S. exchanges’ current Rule
603(a) compliance systems, and to implement the consultant’s
recommended improvements.
The SEC’s allegations focused primarily on differentials in the
speed of NYSE’s delivery of market data from 2008 through mid-2010.
The SEC alleged that, at certain times during that period, NYSE
delivered market data through two proprietary data feeds slightly
faster than it delivered market data to the consolidated tape. The
alleged timing differentials, which were generally at the level of
milliseconds, were the result of technology issues that have been
resolved.
The SEC does not allege any intentional misconduct or that the
NYSE data delays caused any investor harm. NYSE completed systems
modifications in 2010 and 2011 that eliminated the technology
issues that were the subject of the investigation. NYSE also now
preserves the computer files that were the subject of the
records-retention charge.
NYSE Euronext Chief Executive Officer Duncan L. Niederauer said,
“NYSE Euronext is committed to the highest standards of integrity
and accountability. The timing differentials stemmed from
technology issues, not from intentional wrongdoing by the exchange
or any of its personnel.
“NYSE Euronext is pleased to have this matter resolved, and
believes that the settlement is in the best interest of its
shareowners, clients and employees. We will continue to take every
responsible measure to ensure that our market operates with the
utmost fairness and transparency.”
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial
markets and provider of innovative trading technologies. The
company's exchanges in Europe and the United States trade equities,
futures, options, fixed-income and exchange-traded products. With
approximately 8,000 listed issues (excluding European Structured
Products), NYSE Euronext's equities markets - the New York Stock
Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca -
represent one-third of the world's equities trading, the most
liquidity of any global exchange group. NYSE Euronext also operates
NYSE Liffe, one of the leading European derivatives businesses and
the world's second-largest derivatives business by value of
trading. The company offers comprehensive commercial technology,
connectivity and market data products and services through NYSE
Technologies. NYSE Euronext is in the S&P 500 index. For more
information, please visit: http://www.nyx.com.
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