News

ITG to pay $24m in settlement with US regulator

The Securities and Exchange Commission said that poor supervision of the agency broker's securities lending desk left open the potential for market abuse

ITG to pay $24m in settlement with US regulator
Photo: iStockphoto

Agency broker ITG has agreed to pay more than $24.4 million to settle Securities and Exchange Commission charges over improper handling of American Depository Receipts.

The SEC said in a January 12 statement that ITG prompted the issuance of ADRs (US securities that represent shares of a foreign company) without possessing the underlying foreign shares. ITG did not admit to or deny the findings.

WSJ Logo