SEC Investigating Stock Exchange Data Feeds

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May, 2011

Yesterday, the Financial Times ran a front page article titled “SEC Probes Computer Failures At Electronic Trading Platforms”   Read FT article here.With all the hype surrounding the LinkedIn IPO yesterday, this article hardly got any attention at all. However, we think it was probably one the most important articles written on market structure in the past few years. In addition to investigating whether internal controls at stock exchanges are sufficient, the FT said that the data feeds that exchanges offer are the subject of the SEC investigation (which is being handled by their enforcement division’s market abuse unit). The FT states:

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