New York-based high-frequency trading firm Latour Trading LLC agreed to pay $16 million to settle Securities and Exchange Commission charges alleging that it violated a rule that requires all broker-dealers to maintain a certain amount of net capital, the SEC announced on Wednesday.
The agency said that the fine is the highest ever for violations of this rule and that the previous high was about 40 times lower—a $400,000 fine imposed in an enforcement action in 2004.
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