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News Link • Economy - Economics USA

BATS Exchange Announces Departure Of President Who Made Misleading Statements On CNBC

•, Rob Wile

In April, O'Brien made misleading statements about his trade orders were routed into the exchange, which the firm was then forced to correct a few days later. 

O'Brien asserted that the exchange, the country's second largest, gets its price orders directly from broker-dealers. That wasn't true, and under pressure from regulators, the exchange clarified that it gets its them from NASDAQ's SIP feed. By using the slower SIP feed, high-speed traders can use BATS as a forum to get price advantages.   

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