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U.S. exchanges must face renewed high-frequency trading claims: judge
New York (Reuters) - A Manhattan federal judge has ordered seven U.S. stock exchanges to face proposed class-action claims that they defrauded ordinary investors by quietly enabling high-frequency traders to trade faster and at better prices.
U.S. District Judge Jesse Furman on Tuesday said claims against BATS Global Markets, Nasdaq, the New York Stock Exchange and other defendants had “nudged themselves across the line from conceivable to plausible” and should not be dismissed.
Furman had dismissed the claims in 2015, saying the exchanges were absolutely immune from liability, but a federal appeals court overturned that finding in December 2017.
The exchanges were accused of violating federal securities law by developing and selling high-priced services to provide advantages to favored high-frequency trading customers, while concealing these services from ordinary investors.
High-frequency traders were allegedly afforded access to enhanced data feeds, a greater ability to process complex orders, and permission to locate their servers near the exchanges’ own servers so trading signals would be sent faster.
Investors claimed they lost money as a result of the exchanges’ manipulative conduct.
“A manipulation complaint must plead with particularity the nature, purpose, and effect of the fraudulent conduct and the roles of the defendants,” Furman wrote. “Plaintiffs’ complaint … does just that.”
The investors were led by the city of Providence, Rhode Island, pension plans for the city of Boston and the Virgin Islands, and the Plumbers and Pipefitters National Pension Fund, court papers show.
Lawyers for the exchanges did not immediately respond on Wednesday to requests for comment. The investors’ lawyers did not immediately respond to similar requests.
High-frequency traders, who use computer algorithms to gain split-second trading advantages, were the subject of Michael Lewis’ 2014 best-seller “Flash Boys.”
BATS is now owned by CBOE Global Markets Inc, while the NYSE is part of Intercontinental Exchange Inc.
The case is In re Barclays Liquidity Cross and High Frequency Trading Litigation, U.S. District Court, Southern District of New York, No. 14-md-02589.
https://www.reuters.com/article/us-usa-high-frequency-trading-lawsuit/u-s-exchanges-must-face-renewed-high-frequency-trading-claims-judge-idUSKCN1SZ1XO
#8462
adds to already collected bun-see below
D'oh
Notable collection, not endorsements and NOT the baker-we are ghost
>>6617840 Nadler Tweet-Taking the bait implores congress to move forward
>>6617873 Anon on how RM will not voluntarily assist in impeachment proceedings
>>6617874 Last Day on the Clock: POTUS Christmas tweet
>>6617908 Head of ODNI CTIIC will speaking @ Aspen Institute today
>>6617934 U.S. exchanges must face renewed high-frequency trading claims: judge
>>6617950 Gingrich Tweet: Not guilty then innocent- Reference to Starr/Clinton as well
>>6617952 WH Tweet-Today marks President John F. Kennedy's 102nd Birthday-o7!
>>6617976 BNL-Dems:Warren,Booker call for Congress to begin impeachment procedures
>>6617981 Sarah Carter Retweet and Comment-"Agree whole heartedly…"
>>6618004 Jim Jordan Tweet: Same conclusions…nothing new"-939 ref
Oil tracks stock-market weakness as trade-spat jitters persist
Oil futures prices dropped Wednesday, extending choppy trading that has marked recent sessions as risk-on markets, including stocks, took a fresh hit.
“The prolonged trade talks between the U.S. and China have caused a broad risk-off across financial markets, including equities and certainly crude oil, where downward revisions to global economic growth this year are likely to lower global oil demand growth as well,” Marshall Steeves, energy markets analyst at Informa Economics, told MarketWatch.
The downside was tempered somewhat as persistent tension in the Middle East — with the Trump administration’s John Bolton making fresh comments toward Iran early Wednesday — raises supply concerns that are generally supportive to prices.
West Texas Intermediate crude for July delivery CLN19, -2.91% on the New York Mercantile Exchange fell $1.71, or 2.9%, at $57.43 a barrel, after gaining in Tuesday’s session. Front-month contract prices lost 6.8% last week as the contract hit its lowest level in more than two months. Front-month WTI is down more than 10% for May so far.
“I’m surprised by the magnitude of the loss though it isn’t surprising in light of the trade war,” said Steeves. “I think when WTI traded below $60 there were sell stops and market sentiment quickly turned negative.”
Global benchmark July Brent BRNN19, -1.71% fell $1.13, or 1.6%, at $68.98 a barrel on ICE Futures Europe. It shed 4.9% last week, also the weakest weekly performance for a front-month contract this year. Front-month contract prices are down some 5% for the month to date.
U.S. stocks moved lower on Wall Street Wednesday as worries about trade tensions and the outlook for global growth weighed on equity markets and kept front and center a question of continued strong demand for the world's oil.
Still, Middle East uncertainty hangs over trading, supporting prices on concerns that escalating tensions could lead to shipping disruptions.
Donald Trump’s national security adviser Bolton said Wednesday there was “no reason” for Iran to back out of its nuclear deal with world powers other than to seek atomic weapons, a year after the U.S. president unilaterally withdrew America from the accord.
Bolton also claimed — without offering evidence — that the alleged sabotage of four oil tankers off the coast of the United Arab Emirates came from naval mines placed “almost certainly by Iran,” the Associated Press reported, citing comments Bolton made to journalists in Abu Dhabi.
As for the bigger supply picture, the market is looking ahead to the meeting of members and some nonmembers of the Organization of the Petroleum Exporting Countries. Analysts have pointed out that although the Saudis have said they wouldn’t increase production, reports coming out ahead of that meeting leave some open questions. Recently, there has been speculation, though no confirmation, that OPEC will decide to change the date of the next meeting to the first week of July from June 25-26. The output-cut agreement expires at the end of June.
Weekly data on U.S. petroleum supplies are delayed this week due to Monday’s holiday. The American Petroleum Institute will release its figures late Wednesday, while the Energy Information Administration’s report is due Thursday morning.
Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.4 million barrels in crude stockpiles for the week ended May 24. The analysts also forecast supply declines of 800,000 barrelsfor gasoline and 225,000 barrels for distillates.
Back on Nymex, June natural gas NGM19, +1.74% gained 1.7%, to $2.625 per million British thermal units, ahead of the contract’s expiration at Wednesday's settlement.
June gasoline RBM19, -1.87% fell 1.9% to $1.918 a gallon and June heating oil HOM19, -1.53% fell 1.5% to $1.963 a gallon.
https://www.marketwatch.com/story/oil-tracks-stock-market-weakness-as-trade-spat-jitters-persist-2019-05-29
https://www.dailyfx.com/crude-oil
shhhhhh. every time someone asks that..