Financial Services Committee Ranking Member Maxine Waters and I released a statement regarding the announcement that Direct Edge will pay a $14 million fine to settle charges by the Securities and Exchange Commission that they failed to disclose how some order types, created at the behest of high frequency trading firms, were being employed on their exchanges. It is unacceptable to have high frequency trading firms wielding undue influence over exchanges. I am pleased that the Securities and Exchange Commission is finally acknowledging the abusive practice of complex special order types that cater to high frequency trading firms to the detriment of everyday investors. While the fine is an important first step in ensuring fair trading on our public exchanges, we must continue to hold exchanges accountable. lynch.house.gov/press-release/lynch-waters-encouraged-results-securities-and-exchange-commission-investigation
Posted on: Wed, 14 Jan 2015 00:07:25 +0000
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