Daily Archives: April 19, 2014

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BofA, NYSE, Brokerages Sued Over High-Frequency Trading

BofA, NYSE, Brokerages Sued Over High-Frequency Trading

Bank of America Corp. and the New York Stock Exchange are among dozens of exchanges, brokerages and traders sued over high-frequency trading by the city of Providence, Rhode Island, over claims they rigged securities markets to divert billions of dollars from buyers and sellers of shares to themselves.

Scrutiny of high-frequency trading and whether it gives some investors unfair advantage intensified this year amid government probes and the March 31 publication of “Flash Boys” by Michael Lewis.

One defendant in today’s complaint, Virtu Financial Inc., a high-frequency trader that delayed its initial public offering, has received inquiries from the office of New York’s attorney general, Eric Schneiderman, according to a person familiar with the matter. Schneiderman announced last month that he’s investigating high-frequency traders.

Revealed: Gov. Christie pleads pension poverty while handing huge subsidies to his major political donors

More from Pando…

REVEALED: Recipient of New Jersey pension deal housed charity run by Gov. Christie’s wife

Good job, Pando!

Chris Christie’s $300m pension proposal broke state anti-corruption laws (And now the intended recipient threatens to sue Pando)

All I can say is wow. Book ’em Danno. Good reporting by Pando.