Virtu Americas
The findings stated that the firm used an automated program to send limit orders marked as ISOs to execute against any equal- or better-priced quotations displayed at other trading centers. The logic in the firm’s automated program, however, was not appropriately configured to send limit orders marked as ISOs for DAY ISOs transmitted to the exchanges. Instead, in certain instances, the firm routed limit orders not marked as ISOs instead of limit orders marked as ISOs.
Due to the firm’s failure to route certain limit orders as ISOs, as it was obligated to do, the firm potentially failed to execute against protected quotations during the review period.
