Newedge USA LLC  has been ordered by the CFTC to pay a $700,000 civil penalty, saying the futures clearing firm submitted inaccurate reports on traders' positions to the regulator between March and July of 2011, after being warned to correct inaccuracies in  a previous order issued Feb. 7.  According to the charge,  Newedge's position reports contained "numerous errors," including overstating and understating positions and open interest, reporting incorrect commodity codes, issuing erroneous delivery notices and failing to report required positions, according to the CFTC. The CFTC said Newedge also committed reporting errors between June 2009 and December 2010. Those violations were behind its Feb. 7 order. The regulator said Newedge failed to comply with that order to improve the accuracy and timeliness of its reports.  Newedge said it has settled with the CFTC without admitting or denying the agency's allegations. After the February order, the company said it launched an effort to improve its position reporting and retained an outside consultant to offer recommendations. Newedge had $20.8 million in segregated customer funds as of reports filed Nov. 30, according to CFTC data. The firm is the second-largest behind Goldman Sachs Group in terms of U.S. customer funds on deposit.  [WSJ 1/9/12]