New York seeks documents over alternative / high-frequency trading

Skyscrapers - Wall Street

New York’s attorney general is planning to subpoena exchanges and has already requested information from private alternative trading platforms in a probe related to high-frequency trading, a person familiar with the matter said.

Bloomberg News reports that the subpoenas to exchanges will be issued within days, said the person, who asked not to be identified because the investigation isn’t public. Some private trading platforms, known as dark pools, have already received information requests, the person said.

New York Attorney General Eric Schneiderman has been investigating fairness in the markets and advantages secured by high-speed trading firms with special access to information.

Schneiderman announced in March that he was examining the sale of products and services that provide faster access to data and richer information on trades than what’s typically available to the public. Wall Street banks and rapid-fire trading firms pay thousands of dollars a month for these services from exchange companies.

To access the complete Bloomberg article hit the link below:

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