The office of the Attorney General is testing the services and product sales that offer quick access and high quality information on trades than what is normally accessible to the public.
“My office is going to continue to shine a light on unseemly practices in high-speed trading. I look forward to joining with other regulators and my colleagues in government in taking real, concrete steps to deal with this problem,” said Schneiderman during a speech at New York Law School on Tuesday.
The Attorney General’s office held talks on these concerns with top officials of NASDAQ and New York Exchange and appealed for more information.
The stock exchanges are the most recent groups to join the scrutiny of Schneiderman’s campaign so as to make sure there is a level playing field for all investors.
Two months ago, BlackRock Inc, the biggest asset manager in the world, agreed to terminate its analyst survey program throughout the world after talks with the Attorney General’s office.
“Rather than curbing the worst threats posed by high-frequency traders, our markets, as structured today, are increasingly too focused on catering to them,” said Schneiderman.
In February this year, Berkshire Hathaway’s Business Wire stopped selling potentially market-moving press dispatches directly to high frequency trading corporations after month-long talks with Schneiderman’s office.
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