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New York Stock Exchange parent InterContinental Exchange disclosed on Tuesday that US securities regulators are considering an “enforcement action” over the Big Board’s response to a trading outage that took place in 2015.

On December 29, 2016, NYSE received a Wells notice indicating that the US Securities and Exchange Commission’s staff had “made a preliminary determination to recommend that the SEC file an enforcement action in connection with how NYSE responded on July 8, 2015 to the circumstances leading into the suspension of trading that day”, ICE said in a regulatory filing.

The query refers to the technical hiccup that suspended trading on the Wall Street equities exchange for three-and-a-half hours on all symbols. Notably, other exchanges were able to to route trading away from NYSE, meaning the markets were able to function without major interruption that day.

ICE said in the filing that “NYSE disputes the appropriateness of the proposed charges, believes there are substantial defenses, and has made a written submission to the Staff in response to the Wells Notice setting forth such points”.

The exchange operator added that “if the staff determines to maintain its recommendation contained in the Wells Notice, the Commissioners of the SEC will need to determine whether to authorize the filing of an enforcement action”.

A NYSE spokesperson declined to comment beyond what was stated in the regulatory filing.

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