trending Market Intelligence /marketintelligence/en/news-insights/trending/hm_8fa2_cottuwvuaoz2xa2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Merrill Lynch to pay $42M over NY AG probe into trading disclosures

Street Talk Episode 70 - Banks' liquidity conundrum could fuel M&A activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Merrill Lynch to pay $42M over NY AG probe into trading disclosures

Merrill Lynch Pierce Fenner & Smith Inc. has agreed to pay $42 million to the state of New York, resolving its attorney general's investigation into electronic trading practices that the company concealed from clients.

Merrill Lynch admitted to systematically hiding from clients that their equity securities orders were being routed to third-party electronic liquidity providers. Among the third parties were Citadel Securities, Knight Capital, D.E. Shaw, Two Sigma Securities and Madoff Securities, New York's attorney general reported. The company made it appear that execution of orders was done in-house, "masking" the identities of the providers in trade confirmation messages and revising transaction cost analysis reports accordingly.

The providers did not charge Merrill Lynch for the execution of the orders, according to the settlement agreement. Merrill Lynch had entered into the agreements to increase the volume of trades it sent to the third parties, on account of "other revenue opportunities" with those partners.

The strategy was used in more than 16 million client orders between 2008 and 2013.

Merrill Lynch Pierce Fenner & Smith is a subsidiary of Bank of America Corp.