FRANKFURT/ZURICH (Reuters) - Germany's Deutsche Bank and Switzerland's UBS said they were caught up in an inquiry by U.S. regulators, who are looking into whether broker-run stock exchanges gave an unfair advantage to high-frequency traders. The investment banks, which said on Tuesday that they were cooperating with inquiries, also faced class action suits that alleged they violated U.S. securities laws, allowing high-speed traders to make a profit at the expense of institutional investors, such as pension funds and insurance companies. Deutsche Bank, which also reported earnings on Tuesday, said it had received requests for information from certain regulatory authorities related to high frequency trading but did not give further details. The lack of transparency has drawn the scrutiny of regulators, concerned that brokers and proprietary trading firms that use aggressive high-frequency trading strategies have an unfair advantage over other clients.
via Business News http://ift.tt/1oFxgKh
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