A high speed trading firm that often accounts for 4 percent to at times as much as 9 percent of overall stock market volume, agreed to pay a $16 million fine for apparently moving a little too fast and loose with its margin capital.
Latour Trading agrees to pay the seven figure fine
Latour Trading LLC agreed to pay the seven figure fine, a whopping 40 times larger than the previous fine of $400,000 for such behavior, without admitting guilt. The news was first reported by Reuters. Latour is a division of New York-based Tower Research, which was reported to be under investigation by New York Attorney General Eric Schneiderman for high frequency trading violations.
The SEC complaint notes that...
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