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FBN’s Liz MacDonald with news that the SEC has brought charges against the NYSE for improper distribution of market data.
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And today.
All right the securities and exchange exchange commission -- -- the first of its kind charges.
Against the New York Stock Exchange for compliance failures that they say.
Came for some customers and improper head start on trading information which of course is so critical.
-- here now with the exclusive details and.
-- -- -- on the phone with the SEC over this -- when you heard the news about this he thought wait a second proprietary.
-- stock did information going out ahead of the rest of the retail investor were right.
We have a statement from the director reports -- the SEC and Robert -- nominee who -- a director of enforcement says this.
Improper early access to market -- even measured in milliseconds.
Disproportionately it disadvantages retail and long term and -- -- -- here's the deal here's the problem.
In 2008.
The New York Stock Exchange said let's make some more money -- their data -- gonna set up to proprietary data -- separate from what goes into the ticker right and we're -- so let's -- you know maybe it's hedge funds.
Pension funds institutional investors we don't know in another market with so continue to -- milliseconds so what those those investors are saying -- complaint is so we're not getting that information.
-- -- and long you know we and in a timely fashion that we want.
They basically we want it -- along with the ticker but it's coming in to slow.
So they customize it to make money but that deal was added that this a technological problem.
It's a snap though it wasn't intentional that I SEC is saying that's Clinton IC is saying.
But that -- being -- to get out of the proprietary clients and they got -- with that -- five million dollar finally -- that without denying.
Or saying yes we were basically this thing -- completely sick people are limited via the so you know here's a deal that this is all coming up this of the flash crash investigation.
And that's what basically -- this information out.
But you know even though they're saying it's.
In our technological -- though it's still at the bottom line is -- still erodes.
Market confidence by an investor confidence right so he -- -- I wonder if if there was a little -- -- -- that's right.
It's unhappy indeed -- -- who has the.
