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A comment on Nanex Gets $700k Whistleblower Award from SEC. Parent comment

Re:Nanex Gets $700k Whistleblower Award from SEC by PhantomGremlin on Wednesday March 02, 2016 @01:40PM (#11211956)
It's about the NYSE not delivering a product (SIP real-time data) while collecting $100M a year for that service

And, just to be clear, the NYSE generously agreed to pay a $5M fine as punishment?

The actual SEC order is linked to by Nanex, and can be found here: http://sec.gov/litigation/admin/2012/34-67857.pdf It explains NYSE's failings in more detail, e.g. "Inadequate Compliance Efforts" and "Failure to Retain Business Records".

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Re:Nanex Gets $700k Whistleblower Award from SEC by TheNanex on Wednesday March 02, 2016 @08:19PM (#11214402)
Excellent question: they were ECSTATIC to pay $5M

Covington and Burling - who represented the NYSE in this matter, used the paltry $5M fine as bragging rights in their year end letter to clients! 'We got the NYSE off with just $5M'

Nice.

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