Schneiderman is also cracking down on the sales of proprietary market data feeds that provide richer information to subscribers. Speed-conscious trading firms pay thousands of dollars a month to the New York Stock Exchange and Nasdaq OMX to subscribe to specialized direct data feeds that don't go through the slower, industry-standard infrastructure. Exchanges contend that such data feeds and colocation services are made available to everyone who can pay for it.
Gorton told Bloomberg, "He seems to be upset that there are computers in markets."
However, a spokesman from the AG's office clarified that the Schneiderman is not against computers – he favors reigning in predatory practices of HFT while keeping their liquidity.
"He doesn’t understand the role played by professional traders." --Tower Research's Mark Gorton on NY AG Schneiderman http://t.co/leR9npo3xy— Nick Baker (@inkbacker) March 19, 2014
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio