Wall Street giants woo high-frequency traders' business

08/24/2011 | Traders Magazine

The Securities and Exchange Commission approved a rule last year that is intended to curtail "naked access." High-frequency traders paid for direct access to the markets to avoid compliance checks. The largest brokers saw the practice as too risky, preferring instead to allow smaller firms to take on the business. All brokers are now required to run risk checks, prompting major brokers to go after the high-frequency traders' business again.

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