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Kenneth Griffin

U.S. regulator probing E*Trade's customer order-routing practices

The Financial Industry Regulatory Authority is examining the way E*Trade Securities prices and sends customer stock orders to an affiliate, E*Trade said in a quarterly regulatory filing on Tuesday.The notice was the first from the discount broker's parent, E*Trade Financial Corp, to disclose that a regulator is investigating trading practices and procedures between the firm and its market-making affiliate. FINRA notified it of the exam on July 11, E*Trade said.E*Trade has previously said it was reviewing its order-routing practices and procedures following a complaint from former board member Kenneth Griffin about whether it was meeting its obligations to ensure "best executions" for customers.Griffin, the founder of hedge fund Citadel LLC, which runs a competing trade execution business, earlier this year resigned from the E*Trade board and sold Citadel's 9.6 percent stake in the discount broker.E*Trade also said in the filing that banking regulators and federal securities regulators ...

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