Senate probes conflicts in high-frequency trading
Published: June 17, 2014 / Author: Kevin Hall
The following is an excerpt from the McClatchy Washington Bureau that quotes testimony by Finance Professor Robert Battalio to the Senate Permanent Subcommittee on Investigations about broker order routing and conflicts of interest. To read the entire article visit: Senate probes conflicts in high-frequency trading
A Senate investigative panel put Wall Street’s high-frequency traders under the microscope Tuesday, spotlighting how these technology-driven companies can make money at the expense of unsuspecting investors.
High-frequency traders have been in a political storm since the release earlier this year of the book Flash Boys, in which famed financial author Michael Lewis documented how companies were allegedly rigging trading in their favor.
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“Not everyone trading a price gets to trade,” said Robert Battalio, a finance professor at the University of Notre Dame University who has documented some of the allegedly abusive practices.
Better data, and in real time, is needed to bring more transparency and restore confidence in financial markets, he testified.
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