Barclays Fined $70M For Dark Pool, Market Data Violations

The bank misrepresented its NBBO calculations

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According to the SEC, Barclays represented that it "utilize[d] direct feeds from exchanges to deter latency arbitrage" when in fact Barclays used a combination of direct data feeds and other, slower feeds in the dark pool.

"Barclays misrepresented its efforts to police its dark pool, overrode its surveillance tool, and misled its subscribers about data feeds at the very time that data feeds were an intense topic of interest," said Robert Cohen, co-chief of the SEC's market abuse unit. "Investors