High-frequency trading firm fined

Skyscrapers - Wall Street

Mary Jo White will take just a little off the top.

The New York Post reports financial regulators docked a giant high-frequency trading firm and one of its executives $16 million for failing to keep enough capital on its books in 'haircut' calculations — the kind of safety measure that has been required of banks to protect the economy in case of a market collapse.

The settlement with Latour Trading is the largest ever for this kind of violation, according to the Securities and Exchange Commission, which announced the fine.

'This record sanction reflects the seriousness of Latour’s violations of the net capital rule, which is a critical broker-dealer financial responsibility requirement,' Andrew Ceresney, the SEC’s head of enforcement, said in a statement.

Hit the link below to access the complete New York Post article:

HFT firm Latour hit with $16 million SEC fine

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