Lawsuit Claims CME Gave High-frequency Traders Special Access

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Lawsuit Claims CME Gave High-frequency Traders Special Access

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Lawsuit Claims CME Gave High-frequency Traders Special Access

by Wochit 0:45 mins

Lawsuit Claims CME Gave High-frequency Traders Special Access

by Wochit 0:45 mins

A group of traders has sued CME Group, accusing the operator of the world's largest derivatives exchange of selling market data to high frequency traders, cheating other investors who lacked such access. In a complaint filed on Friday in the U.S. District Court in Chicago, William Braman, Mark Mendelson and John Simms said CME and its Chicago Board of Trade unit have since 2007 given high-frequency traders early access to buy and sell orders. They said this deprived other investors of the transparent, real-time data on futures and interest rate contracts that they thought they were getting, and were paying for.

Wochit