[Stardust]

The US Securities and Exchange Commission settled a cease-and-desist order as well as administrative proceedings against three units of Direct Edge Holdings LLC, a New Jersey-based stock exchange, for improper internal controls and a system failure which surfaced in two separate incidents. The first included untested changes to computer code that resulted in two units to overfill orders submitted by three unnamed members of the bourses, losing nearly $2.1M. In another incident, an employee of EDGX allegedly disabled all connections to the exchange's production database, disrupting its capacity to process incoming orders, modifications, and cancelations. After the outage, several members filed claims for over $668K in losses.