U.S. Senator Charles E. Schumer (D-NY) announced Tuesday that the head of the Securities and Exchange Commission (SEC) has personally assured him that the agency plans to ban the practice of so-called “flash trading” that gives advance knowledge of stock orders to certain traders.
Good. Of course such trades should never have been allowed in the first place, and the ban only happened after blogs like Zero Hedge raised the alarm and Sen. Schumer forced the issue.