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Stock Market & Financial Investment News

News Breaks
March 18, 2014
10:20 EDTNDAQ, ICENew York AG calls for new efforts to end high-frequency trading advantages
New York Attorney General Eric Schneiderman called for tougher regulations and market reforms intended to eliminate what he called the unfair advantages commonly provided to high-frequency trading firms at the expense of other investors. Schneiderman detailed a number of services that trading venues offer to high-frequency traders and the damaging impact of those services on the rest of the market. Those services, "which in the hands of predatory high-frequency traders distort our markets," include allowing traders to locate their computer servers within trading venues themselves; providing extra network bandwidth to high-frequency traders; and attaching ultra-fast connection cables and special high-speed switches to their servers, the AG said. Each of these services offers clients a timing advantage – often in milliseconds – that allows high-frequency traders to make rapid and often risk-free trades before the rest of the market can react, Schneiderman added. To address this imbalance in the markets, which now tilt in favor of high-frequency traders, Attorney General Schneiderman today called on the exchanges and other regulators to review the feasibility of certain market structure reforms that could help eliminate some of the fundamental unfairness in our markets. One detailed proposal would seek to correct this imbalance by processing orders in batches in frequent intervals, to ensure that price – not speed – is the deciding factor in who obtains a trade. Publicly-traded companies that own exchanges include Nasdaq (NDAQ) and IntercontinentalExchange (ICE), which owns the New York Stock Exchange. Reference Link
News For NDAQ;ICE From The Last 14 Days
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October 14, 2014
11:50 EDTNDAQNasdaq calls JPMorgan earnings release 'human error,' CNBC reports
Nasdaq (NDAQ) said the early release today of JPMorgan's (JPM) earnings on its Shareholder.com website was an internal "human error," CNBC reports, citing a statement from the exchange. Reference Link
October 13, 2014
07:42 EDTICENYSE gets SEC approval for proposed rule changes
The New York Stock Exchange, on October 9, got final SEC approval for a rule change to amend its Rule 13 to allow an Add Liquidity Only modifier for day limit orders and to allow the day time-in-force condition and ALO modifier for Intermarket Sweep Orders. Analysts say the change allows the exchange to potentially gain ground on rivals that have long had the same deal, according to the New York Post, which quoted Haim Bodek as saying, “This is basically a blessing for exchanges to continue volume growth by accommodating HFT strategies and introducing asymmetry in the marketplace." Reference Link

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