If the SEC monetary penalty happens, it would be only the second time the regulator has fined a stock exchange.

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And just last month, as Adelman predicted, an appellate court ruled that the feds couldn't exact such a massive monetary penalty.

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In its continuing litigation, the CFTC seeks a civil monetary penalty, restitution, disgorgement of ill-gotten gains, trading and registration bans, and preliminary and permanent injunctions against further violations of the federal commodities laws, as charged.

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Without admitting or denying the allegations, Kapur and his New York hedge fund firm, ThinkStrategy Capital Management, have reached a settlement with the SEC over the civil charges that will involve a civil monetary penalty.

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Reducing the penalty rate does not alter the overall stance of monetary policy.

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