Difference between revisions of "Eric T. Schneiderman"

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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>
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>


In June 2014 he sued Barclays Bank alleging Barclays executives lied to customers about the level of protection they would receive in the bank's dark pool from high-frequency traders aiming to profit from their speed advantage.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/71268992-fd55-11e3-96a9-00144feab7de.html#axzz35lB8fUnQ|name=Banks start to drain Barclays dark pool|org=The Financial Times|date=June 27, 2014}}</ref>
In June 2014 he sued [[Barclays Bank]] alleging Barclays executives lied to customers about the level of protection they would receive in the bank's dark pool from high-frequency traders aiming to profit from their speed advantage.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/71268992-fd55-11e3-96a9-00144feab7de.html#axzz35lB8fUnQ|name=Banks start to drain Barclays dark pool|org=The Financial Times|date=June 27, 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.  

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