To embed, copy and paste the code into your website or blog: On December 9, 2020, the Securities and Exchange Commission (SEC) settled an enforcement action against ICE Data Pricing & Reference Data LLC (PRD), a global securities pricing service and registered investment adviser, for compliance deficiencies relating to its client delivery of prices based on quotes it received from a single market participant, also known as single broker quotes. PRD agreed to pay $8 million to settle the charges. According to the SEC's order, from at least 2015 through September 2020, PRD delivered prices based on single broker quotes to its clients, while failing to adopt and implement policies and procedures reasonably designed to address the risk that these prices would not reasonably reflect the value of the securities.