NYSE Pays a Paltry $5 Million Fine for Giving Private Customers a Trading Head Start

September 20th, 2012

Via: IEEE:

On Friday, the U.S. Securities and Exchange Commission (SEC) announced that it had administratively fined the New York Stock Exchange (NYSE) $5 million (pdf) for allowing its private customers access to stock market information ahead of when it was available to the general public. This occurred from June 2008 to about mid-May 2010. The fine amounts to about a morning’s worth of revenue for the exchange.

Posted in Economy, Elite | Top Of Page

One Response to “NYSE Pays a Paltry $5 Million Fine for Giving Private Customers a Trading Head Start”

  1. zeke Says:

    Quite frankly, this isn’t even “cost of doing business”, as the article asserts.

    This is “we punished you so no one can say we condone this practice.” The subtext being, of course: “Oops, someone else noticed this method of cheating. Too bad it only worked for 2 years. Time to find a different way to give the in-crowd an edge.”

    The rule of law is no match for the innate drive towards group identification in primates.

    Zeke

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