The SEC fined NYSE Euronext (NYX) $5 million an exchange for the first time on Friday. The exchange was sending data to its customers before the public got to see it, the SEC said in its explanation.
“Beginning in June 2008, one NYSE proprietary feed sent real-time depth-of-book market data, which included information about its current best-priced quotations and execution prices, to its subscribers before NYSE sent data to a Securities Information Processor (the “Network Processor”) that made quotes and trades available for sale to the public on a consolidated basis.”
NYSE didn’t admit or dent the allegations under the settlement. It was the first time the SEC has penalized an exchange after bringing a case against it. Technology upgrades have eliminated the discrepancy in timing, NYSE said.
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