Pipeline Trading Systems, the disgraced dark pool operator that was fined $1 million by the U.S. Securities and Exchange Commission for misleading investors, is no more.
The company, which saw the departure of senior management following its settlement with the SEC, said it will now be known as Aritas Securities. The firm said the name change reflects significant operational changes for the company, which had been the first dark pool to ever find itself in hot water with the SEC.
In addition to the name change, Aritas said it completed a new version of Alpha Pro, a platform that recommends trade execution strategies. When an order comes in, the system makes a recommendation based on a real-time analysis of comparable past orders and outcomes, the company said.
"The popularity of Alpha Pro was growing rapidly prior to Pipeline's SEC agreement," Aritas Executive Chairman Jay Biancamano said in a statement. "We believe we can regain that momentum and build on it in 2012."