SEC v. New York Stock Exchange LLC and others (2014)

Settled

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In May 2014 the SEC settled with the New York Stock Exchange, NYSE Arca, NYSE MKT and routing broker Archipelago Securities over rule compliance failures, including operating outside their own approved rules and a routing broker's net capital and error account issues. They were censured and jointly paid $4.5 million.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	34-72065
Date filed	2014-05-01
Date resolved	2014-05-01
Status	settled
Asset class	equities
Venue	ICE, NYSE, Nasdaq
Criminal parallel	No
Defendants	New York Stock Exchange LLC (entity) ; NYSE Arca, Inc. (entity) ; NYSE MKT LLC (entity) ; NYSE Amex LLC (entity) ; Archipelago Securities, L.L.C. (entity)
Also named elsewhere	New York Stock Exchange LLC is named in 1 other matter ; NYSE Arca, Inc. is named in 1 other matter
Cited as charged or alleged	Exchange Act s.15(c) ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $4.5m
Disgorgement: —
Prejudgment interest: —
Total relief: $4.5m
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission issued the order on May 1, 2014.

The order finds the exchanges did not operate in compliance with their own rules and the Exchange Act, and that Archipelago Securities did not maintain policies for error account trading designed to prevent misuse of non-public information and breached net capital rules.

No insider trading is alleged; the tag has been removed. An 'alleged gain' of $18,000 earlier recorded was a count of test orders, not money.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

2014-05-01 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.