Violation: Prop Feeds #1 and #2 sent data to proprietary customers before NYSE sent data to the public feed.

  • Prop Feed #1 had a faster path because it bypassed an internal distribution system.
  • Prop Feed #2 received data independently from a translation layer and therefore was not affected by a software issue.
  • The translation layer that sent data to the public feed had a software issue that caused delays.

SEC NYSE

Via sec.gov