Clarification From Charles Schumer On Flash Ban

Tyler Durden's picture

U.S. Senator Charles E. Schumer (D-NY) released the following statement regarding SEC Chairman Mary Schapiro’s confirmation that she is seeking action on “flash trades,” pending the full Commission’s approval and a public comment period:

"We of course expect the SEC to follow its procedures for the implementation of this new rule, but there is every expectation the Commission will vote for it. The bottom line is, this practice will be eliminated."

--Senator Charles E. Schumer