Is Wall Street Rigged? New Report Looks At High-Frequency Trading

[hrmjustin]

NEW YORK (CBSNewYork) – Is the Wall Street rigged? A new “60 Minutes” report looks at the practice of high-frequency trading within the U.S. stock market that officials say is being used by firms around by globe.

Best-selling author Michael Lewis told Steve Kroft on “60 Minutes” Sunday night that super fast, computerized stock trading now controls more than half the market and raises the costs of stocks for everyday investors.

“The United States stock market, the most iconic market in global capitalism, is rigged,” Lewis said. “By a combination of these stock exchanges, the big Wall Street banks and high-frequency traders.”

New York Attorney General Eric Schneiderman and the Commodities Futures Trading Commission in Washington have both launched investigations into high-frequency trading.

http://newyork.cbslocal.com/2014/03/31/is-wall-street-rigged-new-report-looks-at-high-frequency-trading/

[hrmjustin]

1. Eric Schneiderman on high-speed trading, "flashes, crashes, and other problems."

http://www.nydailynews.com/blogs/dailypolitics/eric-schneiderman-high-speed-trading-flashes-crashes-problems-blog-entry-1.1740306

[Erich Bloodaxe BSN]

2. Yes, yes it is.

And I remember people reporting on this on blogs several years back, when they were first proposing the transaction tax as a way to put the brakes on 'flash trading' that pretty much caused major sell-offs in recent crashes of various sizes. Amazing to see it only took 60 Minutes a few years to notice the story

[hrmjustin]

4. Yes it took them a long time to get around to investigate the issue.

I hope the NYAG keeps his focus on this.

[msongs]

3. with a government guaranteed stay out of jail free card wall street has no fears about anything nt

[hrmjustin]

5. Agreed. looks like it is too big for jail.

Or too rich for jail.