Sunday, 28 December 2014
Last updated 9 hours ago
Sep 21 2009 | 11:07am ET
The Securities and Exchange Commission is moving forward with its plan to ban flash-trading, meaning the controversial practice could be in its final months.
The regulator announced its proposed ban on Thursday, more than a month after Chairman Mary Schapiro said the SEC would “quickly eliminate the inequity” caused by flash-orders, which give some traders a split-second peek at other orders before they become public. While many major securities markets, including the Nasdaq Stock Market and New York Stock Exchange, do not allow or provide for flash-trading, some direct-market access firms do offer them.
The SEC’s proposal begins a 60-day comment period, after which it will schedule a vote on the measure.
Sen. Charles Schumer (D-N.Y.), a key proponent of the ban, called the SEC proposal “pretty much water-tight” and warned that it “should not be weakened by the commission as the rule-making process goes forward.” All five members of the SEC—including its two Republican members—voted to propose the ban.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.