New Perspective: Pipeline Fine Could Heighten Dark Pool Scrutiny


Crossing network operator Pipeline Trading Systems’ prepared statement regarding its $1 million fine by the US Securities and Exchange Commission (SEC) begins: "We are pleased ... . " Regardless of what follows those first three words, it's hard to believe the folks at Pipeline are pleased about anything at the moment.

Pipeline was charged with failing to tell customers that a large majority of orders in its dark pool were filled by an affiliate. The company was fined $1 million and two

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