In ‘unusual’ move, Virtu fights $25m SEC fine for data safeguarding breach
Virtu disputes the regulator’s claim that employees had ‘unfettered’ access to consumer data.
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Last month, the US Securities and Exchange Commission (SEC) sued market-maker Virtu Financial over data safeguarding concerns, prompting questions around fairness as well as expected leniency after voluntary disclosures.
The SEC asserted that Virtu Financial operated two businesses that were supposed to be walled off from each other: a proprietary trading business, through which Virtu traded for its own benefit; and an order execution service for large institutional customers, on which Virtu
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