Merrill Lynch will pay a fine of nearly $11 million after the Wall Street firm used inaccurate data to execute some short sale orders, the SEC announced.
The fine involves so-called ETB (easy-to-borrow) lists. Instead of using real-time ETB lists and the associated data, Merrill Lynch's personnel -- and associated computing systems -- used day-old data, the SEC said. "The stale data caused some securitues to be included on an ETB list when they should not have been."
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