Newedge USA, LLC was ordered by the U.S. Commodity Futures Trading Commission to pay a $700,000 penalty for submitting inaccurate large trader reports to the futures regulator and violating a prior order, the agency said on Monday.

The CFTC said in press release that from about March 2011 through July 2011, Newedge’s large trader position reports submitted to the CFTC contained numerous errors, including overstating and understating open interest, and failing to report required positions.

These errors violate a February 7, 2011, CFTC order directing Newedge, a futures commission merchant, to improve the accuracy and timeliness of its large trader reporting.