NY official says Marketwired to limit trader sales

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Associated Press

Posted on March 19, 2014 at 3:02 PM

Updated Wednesday, Mar 19 at 3:03 PM

ALBANY, N.Y. (AP) — New York's attorney general says business information company Marketwired has agreed to stop selling high-frequency traders direct feeds of the information it distributes for clients.

Attorney General Eric Schneiderman says the agreement will end unfair advantages for those traders and follows a similar agreement last month by Business Wire, a Berkshire Hathaway subsidiary.

The attorney general's office said Wednesday the direct feed of market-moving data to high-frequency traders enables them to use "market moving information in the milliseconds before it becomes widely available to other investors."

Toronto-based Marketwired says it made the decision prior to any talks with Schneiderman and "will now eliminate any perceived advantages gained through technology by certain customers."

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