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SEC examining 'flash orders'

July 31, 2009|Times Wire Reports

The Securities and Exchange Commission is examining so-called flash orders to ensure that equity markets aren't putting investors at a disadvantage by giving some brokerages advance knowledge about trades.

Sen. Charles E. Schumer (D-N.Y.) asked the SEC to review flash orders in a July 24 letter. Nasdaq OMX Group Inc., Bats Global Markets, Direct Edge Holdings and the CBOE Stock Exchange give information to their clients about orders for a fraction of a second before the trades are routed to rival platforms. The systems are meant to give investors an additional opportunity to complete a trade.

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