Difference between revisions of "Eric T. Schneiderman"

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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, which gave them a split-second advantage over other investors. (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>
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, which gave them a split-second advantage over other investors. (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> As part of the investigation into high speed trading, his office sent "exploratory" subpoenas to several dark pools, including Tower Research Capital LLC, Chopper Trading LLC and Jump Trading LLC, in April 2014.<ref>{{cite web|url=http://in.reuters.com/article/2014/04/16/markets-highspeed-investigation-idINL2N0N824C20140416|name=New York prosecutor probes high-speed trading -source|org=Reuters|date=April 17, 2014}}</ref>


Other areas of finance in which he has taken a leading role include an investigation of misconduct in the mortgage market, including cracking down on some banks for failing to comply with foreclosure rules, and the launch of a "Taxpayer Protection Bureau" to root out fraud and return money illegally stolen from New York taxpayers.  
Other areas of finance in which he has taken a leading role include an investigation of misconduct in the mortgage market, including cracking down on some banks for failing to comply with foreclosure rules, and the launch of a "Taxpayer Protection Bureau" to root out fraud and return money illegally stolen from New York taxpayers.