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Brokerages pay penalty for not putting customers first

SEC and NYSE fine five specialist trading firms a total of $240m

The US Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE) have imposed financial penalties of $240m (€197m) on five specialist trading firms on the exchange.

The regulatory filings show a clear picture of the 'breaches of securities rules. The firms agreed to the penalties without admitting wrongdoing.

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