Trader Speed Craze Threatens Stability, Schneiderman Says
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The technological arms race among professional equity traders threatens to destabilize U.S. markets and more should be done to limit their speed, according to New York Attorney General Eric Schneiderman.
Schneiderman, whose office is examining privileges marketed to high-frequency firms such as enhanced data feeds, said Michael Lewis’s “Flash Boys” will help focus attention on the debate. The new book says speed traders are rigging the U.S. market to make tens of billions of dollars.