{"id":5717,"date":"2015-01-13T00:00:00","date_gmt":"2015-01-13T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/01\/bats_global_market_settles_sto"},"modified":"2022-03-11T13:40:38","modified_gmt":"2022-03-11T19:40:38","slug":"bats-global-market-settles-sto","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bats-global-market-settles-sto\/","title":{"rendered":"BATS Global Market Settles Stock Exchange-Related Claims Involving High-Frequency Traders for $14M"},"content":{"rendered":"\n

The U.S. Securities and Exchange Commission is charging BATS Global Markets Inc. $14 million to resolve claims that two of the exchanges that the company purchased last year did not disclose important information to investors about the way the markets work. The settlement resolves the regulator\u2019s probe into the way Direct Edge Holdings LLC gave certain high-speed traders the upper hand over others by withholding details about certain orders. Direct Edge and BATS merged together in 2014.<\/p>\n

Order types are the directions investors use to trade on exchanges. High-frequency traders will often use complex versions of order types to compete in today\u2019s fast markets. In 2009, Direct Edge offered up a number of new order types after talking with two high-frequency trading firms. However, what it purportedly did not do was properly disclose to the pubic the way the order types worked.<\/p>\n

In the SEC order, the agency notes that one trading firm, whose name was not disclosed, told Direct Edge that if it introduced a certain order type, the firm would up the number of orders by over four million more.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is charging BATS Global Markets Inc. $14 million to resolve claims that two of the exchanges that the company purchased last year did not disclose important information to investors about the way the markets work. The settlement resolves the regulator\u2019s probe into the way Direct Edge Holdings LLC gave […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3946,3760,3795,3761],"tags":[],"class_list":["post-5717","post","type-post","status-publish","format-standard","hentry","category-highfrequency-traders","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"\nBATS Global Market Settles Stock Exchange-Related Claims Involving High-Frequency Traders for $14M — Investor Lawyers Blog — January 13, 2015<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is charging BATS Global Markets Inc. $14 million to resolve claims that two of the exchanges that the company — January 13, 2015\" \/>\n<meta name=\"robots\" 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