Jan 13 The U.S. Securities and Exchange
Commission (SEC) said on Friday Citadel Securities LLC has
agreed to pay $22.6 million to settle charges that one of its
units misled customers about the way it priced trades.
Citadel's is the latest in a string of SEC settlements with
firms over routing practices.
The settlement caps a years-long probe into whether Citadel
misled customers about how it executed stock orders on their
behalf, resulting in them not getting the best available price
for shares they wanted buy or sell, sources had told Reuters on
SEC rules require U.S. brokers to seek the "best execution
reasonably available" on stock orders, a standard meant to
ensure that all customers get a favorable price and a swift
Reuters first reported on Thursday that Citadel was nearing
a settlement wit the SEC.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak