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