Difference between revisions of "Eric T. Schneiderman"

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Eric T. Schneiderman is the 65th Attorney General of New York State. He was elected on November 2, 2010. As Attorney General, he is the highest ranking law enforcement officer for the State, responsible for representing New York and its residents in legal matters.<ref>{{cite web|url=http://www.ag.ny.gov/about-attorney-general|name=About the Attorney General|org=Office of the New York State Attorney General|date=March 20, 2014}}</ref>  
Eric T. Schneiderman is the 65th attorney general of New York State. He was elected on November 2, 2010. As attorney general, he is the highest ranking law enforcement officer for the state, responsible for representing New York and its residents in legal matters.<ref>{{cite web|url=http://www.ag.ny.gov/about-attorney-general|name=About the Attorney General|org=Office of the New York State Attorney General|date=March 20, 2014}}</ref>  


In 2014, Schneiderman spearheaded an effort to crack down on [[high frequency traders]] and began looking into services that allow fast traders to profit on important information before other investors see it. He urged regulators and stock exchanges to curb some of these practices, which he said helped foster what he called “[[insider trading]] 2.0.”   
In 2014, Schneiderman spearheaded an effort to crack down on [[high frequency traders]] and began looking into services that allowed fast traders to profit on important information before other investors see it. He urged regulators and stock exchanges to curb some of these practices, which he said helped foster what he called “[[insider trading]] 2.0.”   


His office appeared to achieve several victories when the news services Thomson Reuters, BusinessWire, and MarketWired agreed to end the practice of selling their information feeds directly to high-frequency traders, given them a split-second advantage over other investors who receive the news later. (Marketwired said that it had made the decision to end these sales “prior to any discussions with the New York attorney general.”)<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/19/news-release-distributor-to-stop-selling-to-high-speed-traders/?_php=true&_type=blogs&_r=0|name=News Release Distributor to Stop Selling to High-Speed Traders|org=The New York Times|date=March 20, 2014}}</ref>
His office appeared to achieve several victories when news services: Thomson Reuters, BusinessWire and MarketWired agreed to end the practice of selling their information feeds directly to high-frequency traders, given them a split-second advantage over other investors who received the news later. (Marketwired said it had made the decision to end these sales “prior to any discussions with the New York attorney general.”)<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/19/news-release-distributor-to-stop-selling-to-high-speed-traders/?_php=true&_type=blogs&_r=0|name=News Release Distributor to Stop Selling to High-Speed Traders|org=The New York Times|date=March 20, 2014}}</ref>


He also examined the exchanges' practice of permitting high-frequency traders to pay to "co-locate" their computer servers within the exchanges’ data centers, thereby cutting milliseconds off the time it takes them to receive market information; additionally he looked at other services provided by exchanges to high-frequency traders, including extra network bandwidth, special switches and fast connection cables. He said those services gave the traders a “leg up on the rest of the market.”<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/18/schneiderman-announces-inquiry-into-services-for-high-speed-traders/|name=Inquiry Into High-Speed Trading Widens|org=New York Times Dealbook|date=March 20, 2014}}</ref>
He also examined the exchanges' practice of permitting high-frequency traders to pay to "co-locate" their computer servers within the exchanges’ data centers, thereby cutting milliseconds off the time it takes them to receive market information; additionally he looked at other services provided by exchanges to high-frequency traders, including extra network bandwidth, special switches and fast connection cables. He said those services gave the traders a “leg up on the rest of the market.”<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/18/schneiderman-announces-inquiry-into-services-for-high-speed-traders/|name=Inquiry Into High-Speed Trading Widens|org=New York Times Dealbook|date=March 20, 2014}}</ref>
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