Legal News

Subpoenas Issued to High-Speed Trading Firms by NY Attorney General
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

An official close to the investigation said, the New York Attorney General’s Office has issued subpoenas to six firms and sent a letter to another for details about split-second stock trading and any unfair advantages. According to The Associated Press the official told them that the subpoenas went last week to trading firms including Chicago-based Jump Trading LLC and Chopper Trading LLC and Tower Research Capital in New York. The Official asked to remain anonymous. Tower Research, Jump Trading and Chopper Trading have not commented.

Advantages in computer hardware and placement enable some traders to get millisecond timing advances to make “rapid and often risk-free trades before the rest of the market can catch up,” said Attorney General Eric Schneiderman. The Attorney General’s office has the right to investigate securities fraud under New York’s Martin Act, their looking for details about trading strategies and special arrangements with trading venues including exchanges and so-called “dark pool” for buying and selling securities. Last month, at a Law School symposium, Schneiderman spoke of some of the concerns. “Rather than curbing the worst threats posed by high-frequency traders, our markets are becoming too focused on catering to them, he said. 

  
What
Where


According to the Attorney General’s office, the advantages included extra computer network bandwidth, ultra-fast connection cables and special high-speed switches to computer servers. An agreement by the Attorney General was made last year, for Thomson Reuters to stop selling to high-frequency traders a two-second peek at some market-influencing consumer survey results, with agreements for several financial firms to stop cooperating with analyst that preferred exclusive clients.

Image Credit: nypost.com

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Associate Attorney

USA-FL-Miami

Reiner & Reiner is a full-service general business law firm, specializing in complex business litiga...

Apply now

Staff Attorney

USA-ND-Bismarck

Staff attorney will be primarily responsible to provide civil legal services to families to ensure s...

Apply now

Complex Commercial Litigation Attorney

USA-GA-Atlanta

Fellows LaBriola LLP seeks a Litigation Associate with 1 to 3 years of complex commercial litig...

Apply now

Legal Secretary

USA-PA-Philadelphia

Solo CC attorney seeking legal assistant w/ minimum 10 years exp., experience in estate probate and ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Liability Defense Attorney

USA-FL-Fort Lauderdale

Ft. Lauderdale office of our client seeks liability defense attorney with 3+ years of insurance defe...

Apply Now

Senior Family Law Associate Attorney

USA-CA-Murrieta

Murrieta office of a BCG Attorney Search Top Ranked Law Firm seeks senior family law associate attor...

Apply Now

Litigation Associate Attorney

USA-CA-San Francisco

San Francisco office of a BCG Attorney Search Top Ranked Law Firm seeks litigation associate attorne...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top