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Increased Public and Private Scrutiny of High-Frequency Trading



by Joseph De Simone
Mayer Brown LLP - New York Office

Jerome J. Roche
Mayer Brown LLP - Washington Office

Matthew Rossi
Mayer Brown LLP - Washington Office

May 16, 2014

Previously published on May 14, 2014

Following the publication of Michael Lewis’ new book, Flash Boys: A Wall Street Revolt (“Flash Boys”), plaintiffs’ lawyers and US government regulators have increasingly focused their attention on financial institutions participating in high-frequency trading (“HFT”). Less than three weeks after the release of Flash Boys, private plaintiffs’ lawyers filed a class action lawsuit against 27 financial services firms and 14 national securities exchanges (with additional defendants likely to be named later) alleging that the defendants’ HFT practices in the US equities markets violated the anti-fraud provisions of the federal securities laws. Plaintiffs’ lawyers filed a separate action against The CME Group, Inc. (“CME”) and The Board of Trade of the City of Chicago (“CBOT”) containing similar allegations in US derivatives markets.


 

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