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By PBN Staff
When the city of Providence filed suit in U.S. District Court in Manhattan last week against Bank of America, the New York Stock Exchange and others over the alleged rigging of the securities markets through the abuse of high-frequency trading, it was likely just the opening salvo in what could be a large indictment of the industry.
The Federal Bureau of Investigation, the U.S. attorney general and New York’s attorney general all have said they are investigating high-frequency traders for possible violations of trading regulations, including electronic “front-running.”
The complaint by Providence alleges that the defendants destroyed trust in the U.S. capital markets and diverted billions of dollars from private and public pension funds and individual retirement accounts.
Do you think this lawsuit is something the city should be involved in, since it is unclear yet that any laws were actually broken by the trading practices?