This page has been archived and commenting is disabled.
Two Days After Swearing Market Isn't Rigged, SEC Slaps NYSE Wrists For Rigging Markets
It is somewhat ironic, actually make that criminal, that two days after new SEC head Mary Jo White (whose conflict of interest list is so vast courtesy of her prior position as defending every Wall Street from their criminal acts she now has to recuse herself from virtually every enforcement action) solemnly promised Congress under oath that the "markets are not rigged", the SEC comes out swinging and slaps the wrist of the NYSE with an intolerable $4.5 million fine for allowing market rigging "for a period of time from 2008 to 2012."
From the SEC complaint:
The Securities and Exchange Commission today announced an enforcement action against the New York Stock Exchange and two affiliated exchanges for their failure to comply with the responsibilities of self-regulatory organizations (SROs) to conduct their business operations in accordance with Commission-approved exchange rules and the federal securities laws. Also charged was the NYSE exchanges’ affiliated routing broker Archipelago Securities.
The details:
“The order highlights instances where the exchanges conducted business without a rule in place due to weak or inadequate policies and procedures,” said Antonia Chion, an associate director in the SEC’s Division of Enforcement. “In other instances, the exchanges did not operate in compliance with their effective rules. Both failures reflect a troubling lack of compliance with the requirements and obligations imposed on securities exchanges.”
The violations detailed in the SEC’s order occurred during periods of time from 2008 to 2012. The SEC’s order finds that the NYSE exchanges violated Section 19(b) and 19(g) of the Securities Exchange Act of 1934 through misconduct that included the following:
- NYSE, NYSE Arca, and NYSE MKT (formerly NYSE Amex) used an error account maintained at Archipelago Securities to assume and trade out of securities positions without a rule in effect that permitted such trading and in a manner inconsistent with their rules for the routing broker, which limited Archipelago Securities’ activity primarily to outbound and inbound routing of orders on behalf of those exchanges.
- NYSE provided co-location services to customers on disparate contractual terms without an exchange rule in effect that permitted and governed the provision of such services on a fair and equitable basis.
- NYSE operated a block trading facility (New York Block Exchange) that for a period of time did not function in accordance with the rules submitted by NYSE and approved by the SEC.
- NYSE distributed an automated feed of closing order imbalance information to its floor brokers at an earlier time than was specified in NYSE’s rules.
- NYSE Arca failed to execute Mid-Point Passive Liquidity Orders (MPLOs) in locked markets (where the bid and ask prices are the same) contrary to its exchange rule in effect at the time.
In addition, the SEC’s order finds that NYSE Arca accepted MPLOs in sub-penny amounts for National Market System stocks trading at over $1.00 per share, in violation of Rule 612(a) of Regulation NMS.
The SEC’s order further finds that Archipelago Securities failed to establish and maintain policies reasonably designed to prevent the misuse of material, nonpublic information in connection with error account trading. Archipelago Securities also violated and failed to give the SEC timely notice of its violation of the net capital rule – a critical federal securities law provision intended to ensure that brokers and dealers remain solvent and can meet their financial obligations.
Or in other words, the SEC is claiming that for 5 years the NYSE was aiding and abetting the very same rigged market that the SEC swears does not exist.
It. Just. Does. Not. Compute.
- 13364 reads
- Printer-friendly version
- Send to friend
- advertisements -


This is a homophobic article. Prepare to be banned for life, fined, and forced to liquidate all assets.
What the fuck is moe howard doing testifying in front of congress and why is he in drag?
Shit fire and save matches; them Yankees is slipprier than deer guts on a doorknob.
For some reason I have these images of the laid out maggot infested entrails of a hyena rotting in the desert in my mind.
I cannot figure out why that would be.
And this is why wall st. will not get even one of my dollars!
It's a den of thieves!
Mary Jo Whitewash...you go girl
Three cheers for diversity!
It makes me proud to know that in AMERIKA even grotesque Lesbian dwarves can carry water for Wall Street Banks!
"Feel the Dildo Amerika!!™"
so, gee...isn't that the same time period during which Jon Stewart's (of The Daily Show) brother, Larry Leibowitz, was COO of the NYSE?
Then he left...moved on to try and run away from his own corruption maybe?
http://nypost.com/2013/11/26/jon-stewarts-brother-leaving-nyse/
He ran the joint from 2007 through end of 2013.
http://www.linkedin.com/pub/larry-leibowitz/9/3aa/4a5
Maybe his Lib-tard, smart-ass, thinks-he-knows-it-all, typically fake-named brother would like to quip a few jokes about that some night, ay?
Thanks for posting that fact. Jon Stewart is clearly a liar and an asshole, covering for his brothers corruption and fraud issues at the NYSE.
SEIG HEIL!
Hillary's new gal pal Adolpha?
$4.5 million? Is that it?
Nothing will get fixed. The US will instead collapse USSR like
But Manthong... What do the entrails say?/ What do they foretell damn it!!??
OOkay. It's probably just the general smell of the whole thing, I suppose.
<- James Clapper
<- Mary Jo White
It's the game of 'who'd you rather', the perjury version.
"Like playing poker with my sisters kids"
Who would you rather what? The what is the question. Have sex with? Shoot? Because if it is the former, I'd rather do the latter to myself.
.
"There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford and Son.
My ex-girlfriend in California sent me a picture of herself now that she's 70; dang gum; I'm gonna have a time forgetting that. I mean, I look okay, you know; but---what you said !
Moe Howard? I thought that was Mickey Rooney?
HFT Polterscheisse...
shit man. you read my mind! everytime i see that thing i think,"DONT LOOK INTO THE LIGHT!!"
I'd rather look INTO the light so I'm blinded and don't have to see her.
WTF is it with the O'bomb-a and Clinton administrations and their love for incredibly ugly bulldykes?
One word... Hillary.
Don't do that, William ! I was innocently scrolling down my page and drinking mah diet Pepper, and damn this friggin thang hit me in the eyball. got pepper in mah nose.
When do the torches and pitch forks come out?
When the EBT spigot gets turned off and Dancing with the Stars gets canceled.
saw a glimpse of the "real housewives" for the first time yesterday. worst 30 seconds of my life. god help us.
I'm sorry to tell you this; but God has left the building. He couldn't stand it any longer.
Canceling DWTS, or whatever fuckwit show, will lead to some grumbling. Cutting EBT off is where the real mayhem lies. And by cutting it off, I'm including the possibility that the government, in all of its lying wisdom about inflation, does not raise the benefits fast enough to keep up with inflation, and EBT becomes useless as a possibility.
I dont see that happening, the Free Shit Army is the largest one ever assembled in the known history of the universe. Take away their bread and they will burn this this place to the ground.
Congo 2.0
It's times like these, when coons get fat.
Should we even bother to call our brokers?
When you have no rule of law in your country, does it really matter?
We should be settling the issues the old fashioned way. Real law..
If the government doesn't follow its own laws, why should you and I follow its laws? The only reason I can cite is the use of force by a government SWAT team. But ethically, why should we follow its laws if it doesn't follow them?
Bingo. My thoughts exactly.
Instead of us "starting" to break laws ... how about we force these yahoos into obeying the laws?
How ... by throwing the bums out
In our current system, even if you elect new people who have good intentions, they will be corrupted, and will become bums. In essence, you'll be replacing one bum with another. Unless the bums you are referring to are on K Street. Throwing those bums out might get you somewhere, so long as you make sure that they aren't replaced.
Double tap.
Nothing happening here....move on....or just throw yourself on the third rail......wtf
Don't forget to pee on it first to make sure it's turned on; otherwise you might just fall down and hurt your face. Just trying to be helpful.
So the market really is rigged?! I thought everyone was playing a honest game. Shame on me!
real surprise :o/sarc.!
She means Now it's not rigged.
As of yesterday.
Damn it, beat me to it.
Exactly. NOW it's cool. Back then, no way.
I'm sorry, but is everyone on drugs, or are we all being sarcastic?
Would you like some drugs?
Kan I haz drugs pleaz?
"Mom! SheepDog got into your stash again!"
Dude, ARF !!
Yes, please.
I'm on Drugs ! Isn't everybody. Is this the wrong blog?
Just what did they put in that Red Pill, anyway??
For one day only!
What she meant to say that it was rigged from 2008 to 2012, but NO WAY is it rigged today.
So from 2008-2012, the fine amounts to $4.5 million? Seems fair considering the amount of profit that would have been generated from the rigging during that period.
Next farce.
We truly are living in Bizzaroland. You just can´t make this shit up....yet, it´s here, upfront, and in our faces, every damn day.
They don't even care if you see through their lies and bullshit. You can't do anything about it and they know it.
If they fool you, great.
If they didn't fool you, well fuck you anyway you fucking plebe, is their attitude.
So Greenwich is fireproof?
I prefer to be called serf. Reminds me of my childhood on Seal Beach.
$4.5 million. You know what the first thing that flashed into my head upon reading that? That scene from Austin Powers when Dr.Evil threatens the world unless they pay a ridiculous ransom of "One.....Million.....Dollars!". At least Dr.Evil came to his senses and upped the amount, quite unlike Mary Jo White who is being laughed at with her ridiculous "Four point five....Million....Dollars".
http://www.youtube.com/watch?v=jTmXHvGZiSY&list=RDcKKHSAE1gIs&index=0
That is most likely, literally, one year's lunch tab at ONE TBTF bank
Indeed. I certainly hope that liberal fuck, john Stewart picks up on this hypocrisy. I won't hold my breath, but plenty of "new material" as it were...
I hear your sentiment, but of all the liberals. he is the only one who might pick up on it.
The Majority are clueless and the rest of us hope to hit our calls :) casino indeed.
Know what's even worse? It is BLATANTLY upfront and in our faces every day and THEY DON'T GIVE A SHIT!
"The markets are not rigged," Mary Jo White told a House panel. "The US markets are the strongest and most reliable in the world."
“The game is rigged and the American people know that. They get it right down to their toes.” - Elizabeth Warren
Wow, $4.5 million is going to show everyone that they really mean business this time!
So we've got a minor 'bleeder' here. Cauterize and patch with some AB Weld and we'll be good to go for the next round. No major SEC or FBI movement on the Dimond mines....and where the fuck is Jon Corizine? Not in jail.
Another fine and no jail time.
Where's my $3 Million tax free?
It's in the mail as soon as you respond to the E-mail from Ethiopia; didn't you get the note?
Fox, see henhouse? Eat all the chickens you want. We will blame the other chickens for their lack of oversight.
Mr. Eric Holder still takes the cake as total bank stooge. He did say law and order is for suckers! That is why I have zero respect for the laws unless those laws suit me.
There's no problem, but give us more money and we can solve it.
Bing; that's it; that's .Gov right there. There's no fucking global warming whatsoever, but for 300 Billion dollars a year we'll fix it for you. We're from the Government and we're here to help. Oh, good. Just a minute while I go get my counselor Dr. Garand.
4.5 million, huh?
There goes the coffee fund.
Yep $750,000 per rigged market year. Glad they got that mess cleaned up.
Coke & Escort Service fund intact!
And where does that supposed fine money go, SEC bonus checks? What a corrupt shit hole the world is.
the more of a farce it becomes, the closer we get to the final act,
That's exactly correct. Won't be long now...
Thank goodness. Their world is so bad I'd sooner it not exist at all. I've got my walking boots and survival axe, I'm long overdue some time in the countryside. Maybe go a bit native for a while. Sounds great.
I'll see ya and raise ya two sleeve Aces. Kinda reminds you of Rome after Tiberius.
We must be fully Farcical by now, the Machine rolls on in the face of evey farce.
You said it brother. It's all a joke now. This whole nation is cranky. You can almost taste the disgust and disbelief.
Except that; you can't. Nobody around here in day-to-day land has a clue. They all think the Government is "pretty good"; probably doin the best they can; things'll probably work out, etc. etc. That's what they're counting on of course. That's why I want to start a "I'm Rootin for Putin" club; get some attention, get people to say WTF? and maybe READ something. They really, really, don't know anything.
Remember when Caligula appointed a horse, or Clint Eastwood made the midget the Sheriff?
That.
The "Officials" must all swear not to tell the truth, otherwise time to collect on the insurance.
And the Mayor!
$1M per year of rigged market?
BWA-HAHAHA!!!
I bet this amounts to a .001% criminal activity tax at most.
Or $1 million for the couple of hours they had the cocaine party and forgot to.
If they're gonna fine them,why don't they send the money out to the brokerage clients? What good does it do to transfer the money to black holes r us; AKA .Gov. Is that supposed to make me feel better?
I don't see the irony ZeroHedge. Someone call Jon Stewart.
HAHAHAHAHAHAHAHA
HAHAHAHAHAHAHAHAH!
this is too funny. har har har har You cannot make this shit up.
yeah that was 2008-12, but its not rigged anymore , honest guv
Clawback it all from Grasso.
Mary Jo
But you are one fucking ugly "pimple on a festering boil with a splinter running through it", and this doesn't even take into consideration your work and professional integrity?!..
"Yes maam I am drunk. But you are ugly. But, in the morning I will be sober, and you my dear will still be ugly".
Winston Churchill
Again, "There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford and Son
A nanosecond's profit taken from them, hmmm, now I wonder if that will prevent it happening again ....
Mary Jo White is hot.
Somebody is burning her at the stake?
Somebody is burning her at the stake?...
Like all these whores in politics with their "hands out" they get a momentary twinge of guilt for the lies they tell that have destroyed so many and then look the other way when they are threatened... Diane Feinstein on investigating the CIAs rendition and torture program comes to mind.
If I had to guess the usual suspects for stake burnings I'd have to say it probably would be Stanley Fischer!
Shuuuuut uuup. She's all mine!
Hey, look up ahead--it's the camp train a-comin'!
All ABOARRRRRRRRD!!!
didnt that Clippers guy get fined about half that for making a stupid jealous comment to his golddigger girlfriend,
lol,
That was his second $2.5m fine. The first was for housing discrimination in LA. "Let's face it Ty, some people just don't belong"
Sure they belong. They belong in Africa in a little primitive cluster of mud huts where they can't fuck anything up; because it's already totally fucked up just like it's been forever. they just don't belong here.
That teaser picture of her swearing in is priceless. ROFL
GOP REPORT: 1 in 3 Obamacare ‘Enrollees’ Haven't Paid
Multiply the receivable by 300 and add it to 1st Q GDP
The whole lot needs to be kicked to the curb. But the sheeple just see it as Dem vs. Rep stupid fucks.
As scripted by the media oligarchy, it is truth.
woof! That's a good dog!
$4.5 million? Should be BILLION, at least. What a joke! Who says crime doesn't pay?
Kabuki Theatre
America is Fucked.
She meant it isn't rigged now. That stopped in '12 - just check the fine.
Sure it computes........for profiting gazillions of dollars some short fat ugle lebanese bitch lets them off for $4.5million.
Fuck the US gov't.
so does anyone know if Scoot trade or fidelity sells their trade flow for $$
they might as well have hired a mushroom for this job.
look more closely....
Now, now that's kinda harsh, you know.
I don't mind the articles exposing the SEC, but you've got to stop it with those pornilicious photos of that sexy thang Mary Jo White! hubba hubba
Note to self: Must. Not. Google. "Mary Joe White nude"
Same Bullshit story with naked short selling.Ya,I know,it doesn't exist,then the SHO Threshold List,then investigations that mostly went knowhere because the regulators were waiting for their bank & hedge fund jobs back after serving the SECFinally after years & years a few regulations were changed,only when the financial system was brought to its' knees.No,knowbody is being front run by high frequency trading.We're all to live in this naive world.No,government would never lie to the people.
Certainly not; just ask any Indian.
Let’s see –
Dick Grasso, oversaw a bubble by listing companies with no revenue stream, inflated by analysts with no ethics; exaggerated by accounting firms with no scruples; overstated by corporations with no principles; overblown by experts with no morals; puffed-upped by money managers without integrity! All wrapped in the red tape of enormous bankruptcies.
Based on the above algorithm he should have been overpaid and like the bubble he and his ilk oversaw, he should be busted just like the bubble for which he was so richly rewarded for stewarding.
As so should they all since then!
Maybe Divine Justice will occur. Hmm. prolly not.
Her resume is being emailed among the HFT oligarchy.
She's just another hack.
FU Mary Jo. You lie to us like every f-ing politician. Have faith in the system. everything is fine. keep paying your taxes. i'm not taking vacations with goldman sax money. eat your peas. everything is getting better. it's the summer of recovery. go to work and support the system. don't ask questions it's much to complex for you to understand. just trust us.
So the SEC won't let me be, or let me be me, so let me seee... it would feel so empty without Maryyy
Lies, more lies and damn lies... quite a tone for the gummint the corrupt, arrogant, narcissistic, pathologically lying, illegal alien indonesian kenyan muslim sociopathic fudge packer in chief has set for everyone in the country.... that's called "leadership"?????????
Hey don't hold back go ahead and tell us how you feel about our murderer in Chief.
4.5M LOL
.......McCall also defended the NYSE chairman's $140 million compensation package
http://online.wsj.com/news/articles/SB106252762834943400
Jesus, don't tell my ex-girlfriend she'll be camped out on his front porch.
she is almost as repugnant as NBA Commissioner Silver....that is one ugly motherfucker
WOW! These cunts are brazen. It's a cold world, and me without my muff. The same as Mr. Yellen and Mr. White I'll wager!
We live in fucking Wonderland ...
One MMilllyyyion Dollars!
- Dr. Evil
'
'
'
Ya can't make dis shid up, can ya Durden?
Thanks for pissing me off for the 3 hour drive to my cottage!
•J•
V-V
And I always thought Nixon was a bad President....
And so closeth another day in the closing days of the great Empire.