Market maker Virtu sues U.S. SEC over records request

took the extraordinary step of suing the U.S. Securities and Exchange Commission, alleging on Tuesday its primary regulator had not responded to a public records request.

"What we're doing is exercising our rights as citizens ... to understand what this Chair is looking at and who he's meeting with," Virtu Chief Executive Doug Cifu told Reuters. Agencies legally have 20 days to respond to FOIA requests, but are not required to provide all responsive documents within that time frame. FOIA requests do not always yield substantive responses and can have lengthy waiting periods.

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