The U.S. Securities and Exchange Commission on Friday said Citadel Securities L.L.C. has agreed to pay $22.6 million to settle charges that one of its units misled customers about the way it priced trades.
Citadel’s is the latest in a string of SEC settlements with firms over routing practices.
According to Reuters’ report, the settlement caps a years-long probe into whether Citadel misled customers about how it executed stock orders on their behalf, resulting in them not getting the best available price for shares they wanted to buy or sell, sources had told Reuters on Thursday.
SEC rules require U.S. brokers to seek the “best execution reasonably available” on stock orders, a standard meant to ensure that all customers get a favorable price and a swift trade.
Reuters first reported on Thursday that Citadel was nearing a settlement with the SEC.