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Sen. Charles Schumer, D-N.Y., said Tuesday that the Securities and Exchange Commission plans to ban so-called "flash trading," where high-frequency traders can get information just before it becomes public.
"We salute the SEC for moving forward with this ban that will restore integrity to the markets. The agency is absolutely making the right call by stepping up and ending this unfair practice," Schumer said.
Flash orders are trades that flash in milliseconds to only a select group of market participants which can disadvantage other investors. Traders with access to the information because of super-fast computers can act on it quickly to trade ahead of other traders, influencing the pricing of stocks.
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