The SEC brought a settled action with a $5 million penalty against Bloomberg Tradebook LLC, a registered broker-dealer that also displays market data to customers with Bloomberg subscriptions and through Tradebook's order entry system. According to the SEC order, Tradebook distributed marketing materials to customers and potential customers stating that certain market data from U.S. options exchanges ("U.S. Options Market Data") was provided to customers at speeds “in fractions of seconds.” However, the SEC noted that these statements were misleading because Tradebook was displaying U.S. Options Market Data to customers that the firm knew was subject to regular delays lasting as long as several minutes during periods of high data volumes. Thus, certain U.S. Options Market Data was at times displayed to customers at speeds that were much slower than “fractions of seconds.” When U.S. Options Market Data was delayed, those delays averaged approximately 23 seconds. Despite Tradebook’s knowledge of those delays, the firm failed to adequately inform customers of the delays or correct the marketing statements about data speeds that it continued to distribute. The SEC noted that while Tradebook made some efforts to notify customers of the delays, the firm did not disclose the delays to all of its customers who may have been viewing U.S. Options Market Data. As a result, Tradebook customers purchased orders through the platform that may have been based on untimely market information.