Difference between revisions of "Eric T. Schneiderman"

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Eric T. Schneiderman is the 65th Attorney General of New York State. He was elected on November 2, 2010. As Attorney General, he is the highest ranking law enforcement officer for the State, responsible for representing New York and its residents in legal matters.<ref>{{cite web|url=http://www.ag.ny.gov/about-attorney-general|name=About the Attorney General|org=Office of the New York State Attorney General|date=March 20, 2014}}</ref>  
Eric T. Schneiderman is the 65th Attorney General of New York State. He was elected on November 2, 2010. As Attorney General, he is the highest ranking law enforcement officer for the State, responsible for representing New York and its residents in legal matters.<ref>{{cite web|url=http://www.ag.ny.gov/about-attorney-general|name=About the Attorney General|org=Office of the New York State Attorney General|date=March 20, 2014}}</ref>  


In 2014, he spearheaded an effort to crack down on high frequency traders and began looking into services that allow fast traders to profit on important information before other investors see it. He urged regulators and stock exchanges to curb some of these practices, which he said helped foster what he called “insider trading 2.0.”  He focused on the exchanges in particular, including the New York Stock Exchange and Nasdaq, because they permit high-frequency traders to pay to "co-locate" their computer servers within the exchanges’ data centers, thereby cutting milliseconds off the time it takes them to receive market information.<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/18/schneiderman-announces-inquiry-into-services-for-high-speed-traders/|name=Inquiry Into High-Speed Trading Widens|org=New York Times Dealbook|date=March 20, 2014}}</ref>
In 2014, Schneiderman spearheaded an effort to crack down on [[high frequency traders]] and began looking into services that allow fast traders to profit on important information before other investors see it. He urged regulators and stock exchanges to curb some of these practices, which he said helped foster what he called “insider trading 2.0.”   


His investigations led the news services Thomson Reuters, BusinessWire, and MarketWired to end the practice of selling their information feeds directly to high-frequency traders, given them a split-second advantage over other investors who receive the news later.<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/19/news-release-distributor-to-stop-selling-to-high-speed-traders/?_php=true&_type=blogs&_r=0|name=News Release Distributor to Stop Selling to High-Speed Traders|org=The New York Times|date=March 20, 2014}}</ref>  
His investigations led the news services Thomson Reuters, BusinessWire, and MarketWired to end the practice of selling their information feeds directly to high-frequency traders, given them a split-second advantage over other investors who receive the news later.<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/19/news-release-distributor-to-stop-selling-to-high-speed-traders/?_php=true&_type=blogs&_r=0|name=News Release Distributor to Stop Selling to High-Speed Traders|org=The New York Times|date=March 20, 2014}}</ref>  
He also focused on the exchanges' practice of permitting high-frequency traders to pay to "co-locate" their computer servers within the exchanges’ data centers, thereby cutting milliseconds off the time it takes them to receive market information.<ref>{{cite web|url=http://dealbook.nytimes.com/2014/03/18/schneiderman-announces-inquiry-into-services-for-high-speed-traders/|name=Inquiry Into High-Speed Trading Widens|org=New York Times Dealbook|date=March 20, 2014}}</ref>


== Background ==
== Background ==

Revision as of 18:11, 20 March 2014


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Eric T. Schneiderman
Occupation Attorney General
Employer New York State

Eric T. Schneiderman is the 65th Attorney General of New York State. He was elected on November 2, 2010. As Attorney General, he is the highest ranking law enforcement officer for the State, responsible for representing New York and its residents in legal matters.[1]

In 2014, Schneiderman spearheaded an effort to crack down on high frequency traders and began looking into services that allow fast traders to profit on important information before other investors see it. He urged regulators and stock exchanges to curb some of these practices, which he said helped foster what he called “insider trading 2.0.”

His investigations led the news services Thomson Reuters, BusinessWire, and MarketWired to end the practice of selling their information feeds directly to high-frequency traders, given them a split-second advantage over other investors who receive the news later.[2]

He also focused on the exchanges' practice of permitting high-frequency traders to pay to "co-locate" their computer servers within the exchanges’ data centers, thereby cutting milliseconds off the time it takes them to receive market information.[3]

Background[edit]

Schneiderman previously spent 15 years in private practice as an attorney, and later as a partner, at the firm of Kirkpatrick and Lockhart, where he handled complex litigation. He was also a public interest lawyer for many years.

Education[edit]

Schneiderman graduated from Amherst College in 1977 and Harvard Law School in 1982.

References[edit]

  1. About the Attorney General. Office of the New York State Attorney General.
  2. News Release Distributor to Stop Selling to High-Speed Traders. The New York Times.
  3. Inquiry Into High-Speed Trading Widens. New York Times Dealbook.