A Merrill Lynch brokerage has agreed to pay $7 million to settle SEC claims it inadequately protected information about customer trades. From 2002 to 2004 several Merrill Lynch retail brokers at three branch offices permitted their traders to listen to internal intercom systems (so-called squawk- box) used by broker-dealers to broadcast confidential institutional customer order information. Merrill paid the fine without admitting or denying the SEC’s allegations… We now know Merrill paid a $7 million fine, but what we don’t know is how much profits its brokers raked-in in the span of this two year illegal practice. Gotta love system transparency.