Buffett advises pulling trading perk

A wire service that publishes financial data and business releases won’t be available to high-frequency traders any more, reports the Globe and Mail.

By Staff | February 24, 2014 | Last updated on February 24, 2014
1 min read

A wire service that publishes financial data and business releases won’t be available to high-frequency traders anymore, reports the Globe and Mail.

Read: Faceoff: High frequency trading

Business Wire, which is owned by Warren Buffett’s Berkshire Hathaway, decided to pull its services for HF traders after the Wall Street Journal outlined the advantage it gave those traders compared to other market participants.

The traders would scan information like corporate earnings and place bids or offers in fractions of a second. The Globe says that while Business Wire wasn’t breaking any rules by serving HF traders, the company was concerned about its reputation.

Business Wire consulted Buffett before making the decision.

Read more here.

Also read:

Thomson Reuters won’t cater to high-speed traders

High-speed trading boosts markets, says report

Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

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