Company paying $800,000 to settle charges on data

Associated Press Published: October 3, 2012

WASHINGTON (AP) — The operator of a private trading network is paying $800,000 to settle federal civil charges that it failed to protect confidential trading information of its members.

The Securities and Exchange Commission announced the settlement Wednesday with eBX LLC. The company operates a "dark pool," which means it matches buyers and sellers of large blocks of stocks without reporting price quotes.

The SEC says Boston-based eBX failed to tell its members that it had allowed an outside firm to use their confidential buy and sell orders. That gave the firm an unfair advantage in trades for its own customers.

The SEC also censured eBX. That means it could face a stiffer sanction if the alleged violation is repeated.

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