The Securities and Exchange Commission said Latour Trading will pay $8 million -- $5 million in fines, and more than $3 million of disgorgement -- to settle charges it sent millions of non-compliant orders to U.S. exchanges. According to the SEC's order, from October 2010 through August 2014, Latour sent approximately 12.6 million orders for more than 4.6 billion shares that did not comply with the requirements of Regulation NMS, with violations including executing at a price worse than the best available price and at a bid above the national best offer. The SEC said the violations occurred because of a coding change. Latour did not admit or deny the findings. "Latour received executions and collected exchange rebates that it should not have and that other market participants might have received if not for Latour's non-compliant orders," said Robert Cohen, co-chief of the SEC Enforcement Division's market abuse unit.
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