The Securities and Exchange Commission (SEC) today announced the fixed charges against Bloomberg Treadbook LLC for making substantial false and misleading statements about the speed at which it presented market data from US choices.
According to the order of the Securities and Exchange Commission, the commercial book distributes marketing material to its customers and potential customers who state that market data is provided to customers at speeds “in seconds”.
However, during the period from September 2018 until at least June 2019, these statements were false and misleading, because the commercial book showed customers with US options options, which the company knew that it was subject to regular delays that last as many minutes during high data.
Thus, some US options data are sometimes provided at speeds that were much slower than “seconds of seconds”. When US options market data was delayed, these average delays reached about 23 seconds.
Despite Tradebook’s knowledge of these delays, the company failed to adequately inform customers of delays or correct marketing statements about the data speeds it continued to distribute.
The order of the Securities and Exchange Commission finds that the commercial book has violated Article 17 (a) (2) of the Law on Mobile Values. Without admitting or denying the Seconds of the Sec, the Transbook has agreed to issue a ceasefire and rejection order and agreed to pay a $ 5 million civil penalty.