Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

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Nov 12 3:59 PM EST

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To: tejek who wrote (630)	8/4/2009 1:12:09 PM
From: Road Walker	of 1428

Bloomberg News, sent from my iPhone. SEC to Ban Flash Trades of U.S. Stocks, Schumer Says Aug. 4 (Bloomberg) -- The U.S. Securities and Exchange Commission plans to ban flash trades that give some brokerages an advance look at orders, Senator Charles Schumer said, citing a conversation with SEC Chairman Mary Schapiro. Schumer said Schapiro “personally assured him that the agency plans to ban the practice” in a phone call yesterday, according to a statement. “We salute the SEC for moving forward with this ban that will restore integrity to the markets,” Schumer said in a statement e-mailed today. “The agency is absolutely making the right call by stepping up and ending this unfair practice.” Nasdaq OMX Group Inc., Bats Global Markets, Direct Edge Holdings LLC and the CBOE Stock Exchange give information to their clients about orders for a fraction of a second before the trades are routed to rival platforms. The systems are meant to give investors an additional opportunity to complete a transaction. Schumer told the SEC in a July 24 letter to prohibit flash orders, saying he would propose legislation barring them if the agency didn’t act. Nasdaq shares fell as much as 2.3 percent to $20.97 following Schumer’s statement. Goldman Sachs Group Inc., which says it doesn’t use flash orders for its proprietary trading, fell to $163.75 from about $165.10. To contact the reporter on this story: Edgar Ortega in New York at ebarrales@bloomberg.net Find out more about Bloomberg for iPhone: bbiphone.bloomberg.com Sent from my iPhone - JF

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