SEC Sanctions Direct Edge Over Internal Controls


Without admitting or denying findings by the US Securities and Exchange Commission (SEC), exchange operator Direct Edge has agreed to undertake remedial measures to improve its internal controls, which previously led to millions of dollars in trading losses due to system outages, according to the regulator’s findings.

The first incident, which occurred on Nov. 8, 2010, concerned the deployment of untested computer code that was responsible for EDGA and EDGX overfilling orders submitted by three

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