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Economy
In reply to the discussion: Weekend Economists Pull the Easter Rabbit Out of the Hat April 18-20, 2014 [View all]xchrom
(108,903 posts)33. High-Speed Trader Virtu Said Questioned in N.Y. Inquiry
http://www.bloomberg.com/news/2014-04-17/high-speed-trader-virtu-said-questioned-in-n-y-inquiry.html
Virtu Financial Inc., the high-frequency trader trying to sell shares in an initial public offering, has grabbed the attention of New Yorks attorney general as he investigates the industry.
The New York-based trading firm has received a letter of inquiry from Eric Schneidermans office requesting information about its business, according to a person familiar with the matter, who asked to not be identified because the process hasnt been made public.
The request comes as Virtu attempts to go public, a process delayed after the March 31 publication of Michael Lewiss latest book sparked unprecedented scrutiny of high-frequency traders. Schneiderman announced last month that hes investigating services and technologies used by high-frequency traders, including faster data feeds that may give certain firms a split-second edge over others. The Federal Bureau of Investigation has begun its own industry examination.
A person with knowledge of the matter said this week that six high-frequency trading firms have received subpoenas as part of Schneidermans investigation, including Jump Trading LLC, Chopper Trading LLC and Tower Research Capital LLC. Virtu was asked for similar information in a letter of inquiry, according to the person with knowledge of the matter. This could be escalated to a subpoena if the company doesnt comply voluntarily.
Virtu Financial Inc., the high-frequency trader trying to sell shares in an initial public offering, has grabbed the attention of New Yorks attorney general as he investigates the industry.
The New York-based trading firm has received a letter of inquiry from Eric Schneidermans office requesting information about its business, according to a person familiar with the matter, who asked to not be identified because the process hasnt been made public.
The request comes as Virtu attempts to go public, a process delayed after the March 31 publication of Michael Lewiss latest book sparked unprecedented scrutiny of high-frequency traders. Schneiderman announced last month that hes investigating services and technologies used by high-frequency traders, including faster data feeds that may give certain firms a split-second edge over others. The Federal Bureau of Investigation has begun its own industry examination.
A person with knowledge of the matter said this week that six high-frequency trading firms have received subpoenas as part of Schneidermans investigation, including Jump Trading LLC, Chopper Trading LLC and Tower Research Capital LLC. Virtu was asked for similar information in a letter of inquiry, according to the person with knowledge of the matter. This could be escalated to a subpoena if the company doesnt comply voluntarily.
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