Nov 052012
 
 November 5, 2012  Breaches

Still getting caught up on everything since #Sandy hit and now… here’s one you may have missed in your own searches…

Amy Crafts writes:

Earlier this month, the Securities and Exchange Commission (“SEC”) instituted public administrative and cease and desist proceedings against eBX, LLC (“eBX”), a broker-dealer registered with the SEC.  eBX operates LeveL ATS, an alternative trading system (“ATS”) known as a “black pool,” which is a proprietary market where traders may exchange large blocks of stock with minimum impact on the market.  Dark pools do not display quotations to the public, and instead provide subscribers with trade opportunities not available to investors using public markets.  The SEC found that LeveL ATS violated Regulation ATS under the Securities Exchange Act of 1934 by failing to protect the confidential trading information of its subscribers and failing to disclose to all subscribers that it allowed an outside firm to use its confidential trading information.

 Read more on Proskauer Privacy Law Blog.

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