The French financial regulator, Autorité des Marchés Financiers, announced that it had penalized both Virtu Financial Europe and Euronext Paris €5 million over certain of Virtu’s trading activities in 2009. According to the AMF, during the relevant time, Virtu very rapidly placed and cancelled orders in 27 securities that “distorted the representation of the order books for market participants” and constituted market manipulation under applicable AMF regulation. During the relevant time, said AMF, Virtu’s trades constituted 62.7 percent of all messages but only 2 percent of all trades, while 66 percent of the firm’s orders lasted less than one second and 25 percent lasted less than 10 milliseconds. AMF claimed that Euronext permitted Virtu’s violation by exempting the firm from its then prevailing maximum permitted daily ratio of orders placed to number of trades—100 to 1. According to AMF, through its conduct, Euronext did not operate “with neutrality and impartiality in accordance with market integrity.” In response, Euronext issued a press release claiming that AMF’s fine was “totally disproportionate and completely anachronistic” and that it would appeal. Euronext implied that Virtu’s trading was consistent with a pilot program that was reviewed by AMF and ended in 2010. In its decision, AMF acknowledged that Virtu’s “trading strategy in itself nor its status as a high-frequency trader were in question.”