ITG's $20.3 million Settlement With SEC Sets Record For an ATS

The broker agreed to settle on charges regarding the operation of a secret trading desk and misuse of confidential trading information of dark pool subscribers.

SEC headquarters in Washington, DC.

According to an SEC release, an investigation by the regulators found that ITG operated an undisclosed proprietary trading desk known as "Project Omega," despite advertising itself as an agency-only broker.

Project Omega accessed live feeds of order and execution information of subscribers of its dark pool and used that information to implement high-frequency algorithmic trading strategies, one of which traded against subscribers of ITG's dark pool Posit.

ITG has admitted to wrongdoing and will

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