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Studies find fast traders get data from SEC seconds early
According to the WSJ, hedge funds and other rapid-fire investors get access to market-moving documents before other users of the Securities and Exchange Commission’s system for distributing company filings, giving them a possible edge on the rest of the market.
Citing two independent studies, the WSJ article claims that the two sets of researchers have been examining when paying subscribers receive SEC filings compared with when they become available on the agency’s website.
They found a wide variation in the lag time, from no delay to one lasting more than a minute. The ability to get the information before it is on the SEC website can give traders extra seconds to act on the news, WSJ said.
For full access to the Reuters article, please click here.