A Citigroup unit that operates an alternative trading system has settled charges that it failed to protect confidential data of its subscribers, federal regulators said Friday.

LavaFlow, based in New York, agreed to pay $5 million to settle the Securities and Exchange Commission's charges. The amount includes a $2.85 million penalty, which the agency said is its largest yet against an alternative trading system.

Citigroup unit pays record fine over alternative trading system

The charges by the SEC are the latest in a series of allegations against operators of alternative trading systems

Michael Calia, The Wall Street Journal

Citigroup

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