Saying that the central bank’s move to crack down on the fees doesn’t go far enough, Schumer, a Democrat, warned that Congress will act if the Fed fails to take a firmer line.
Financial Regulatory Forum
Nasdaq backs ban on ‘flash’ trading -Schumer
By Rachelle Younglai and Jonathan Spicer
WASHINGTON/NEW YORK, July 28 (Reuters) – The Nasdaq Stock Market supports a ban on so-called “flashes,” order types that it and other stock-trading venues send to a select group of traders fractions of a second before revealing them publicly, Senator Charles Schumer said on Tuesday.