Nasdaq Shares Retreat as N.Y. Investigates High-Speed TradingLynn Thomasson
Nasdaq OMX Group Inc. shares fell the most in almost two months as New York’s top law enforcer opened an investigation into whether stock exchanges and alternative venues provide high-frequency traders with improper advantages.
Nasdaq OMX lost 2.9 percent to $38.57 as of 10:16 a.m. in New York, the largest intraday decline since Jan. 24. The stock fell as much as 4 percent earlier. IntercontinentalExchange Group Inc., which owns the New York Stock Exchange, slipped 0.4 percent.
Attorney General Eric Schneiderman is examining the sale of products and services that offer 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 firms including Nasdaq OMX and IntercontinentalExchange.