ON AIR NOW

LISTEN NOW

Weather

clear-night
50°
Clear
H 71° L 43°
  • clear-night
    50°
    Current Conditions
    Sunny. H 71° L 43°
  • clear-day Created with Sketch.
    73°
    Afternoon
    Sunny. H 71° L 43°
  • clear-day Created with Sketch.
    74°
    Evening
    Sunny. H 78° L 59°
LISTEN
PAUSE
ERROR

Krmg news on demand

00:00 | 00:00

LISTEN
PAUSE
ERROR

Krmg traffic on demand

00:00 | 00:00

LISTEN
PAUSE
ERROR

Krmg weather on demand

00:00 | 00:00

FBI probes Wall Street's high-speed traders

In the world of high-speed trading, milliseconds can mean millions of dollars. And the FBI is concerned some traders might have an unfair advantage in that respect.

Firms often use high-speed computers and algorithms to trade at rates faster than traditional investors. And while the practice itself is legal, the FBI is investigating whether it's being used in wire fraud or insider trading. (Via BBC)

The Wall Street Journal and Bloomberg broke news of the FBI probe Monday. High-speed traders are also the focus of "Flash Boys," the new book from author Michael Lewis. 

>> Read more trending stories  

And apparently the book portrays the practice rather harshly. In Businessweek's words, Lewis views high-speed traders as "the consummate middlemen extracting unnecessary rents from a class of everyday investors who have never been at a bigger disadvantage."

The criticism here is that firms engaging in high-speed trading can act on information before the average individual trader even knows that information. And that affects the price of the stock. Though at least a couple members of CNBC's panel Monday afternoon didn't see why that's big news.

"I don't know that the market is rigged but just the reality of the world we live in today. I'm not saying this is right, but the reality is, if you have money, you have more access. It's really that simple. That's the whole point of private client services."

A stat to keep in mind: despite strong market gains in the last couple years, the percentage of Americans owning stock is at a 15-year low. So, more trading is happening among a smaller slice of the population. (Via Gallup)

The FBI won't be alone in its investigation of high-speed trading. The Securities and Exchange Commission and New York's attorney general's office are also examining the practice for criminal activity or unfair advantages.

See more at newsy.com.  

Read More
VIEW COMMENTS

There are no comments yet. Be the first to post your thoughts. or Register.

  • Saturday, funeral services were held in Tulsa, for Oklahoma State Rep. David Brumbaugh. He passed away last weekend due to an apparent heart attack. Friends, family and colleagues had nothing but good things to say about Brumbaugh. “Every time that he spoke, he did it not because of what he thought politically, but because it’s what he thought was right,” one colleague said.  “Hopefully, those of us that are still there will be able to follow that.” The service was held at Tulsa Bible Church.  During the service, Brumbaugh was remembered as a man dedicated to public service and to his faith.
  • A cashier is said to be in stable condition, after getting shot during an armed robbery Friday night. The shooting happened around 7:29 p.m., at the RK Food Mart on North Utica Avenue. “After the cashier cooperated and handed over an undisclosed amount of cash, the suspect shot him in the foot one time,” Tulsa police said.  “The victim was transported to a local hospital for treatment.” A description of the suspect hasn’t been released.   Anyone with information regarding the robbery is asked to call Crime Stoppers at 918-596-COPS.
  • The heavens opened up in and around the Tulsa area on Friday, but how much rain did we actually get? National Weather Service Meteorologist Robert Darby has the answer. “We did see wide-spread 3 to 4 inches across a large portion of northeast Oklahoma and Tulsa County,” Darby said.   There is a chance of rain in the forecast for Saturday as well.   Sapulpa suffered some damage in Friday’s storms.   While driving around, we found uprooted trees, a destroyed gazebo and one resident received quite the surprise when he woke up. “Getting my dogs ready to go outside and kind of noticed I had no roof towards the bathroom area,” the resident said.   Crews were out helping with the debris around the city.
  • United Airlines is apparently trying to make the 'bumping' process a little less confrontational. A United passenger tells People magazine that when he was checking in for his flight on the airline's website, a pop-up screen asked him if he would be interested in taking a different flight in exchange for a travel certificate of at least $200. A United spokesman says they've done it for years, but the passenger said he didn't see it on the United check-in he did a few days before. Whether it’s new or not, the airline is taking other steps to try to avoid the ugly situation where Dr. David Dao was dragged down the aisle of a plane. United also now has a rule in place that passengers cannot be bumped if they're already seated on their flight. You can read more about the story here.
  • A veteran firefighter died in the line of duty Thursday when he fell from the roof of a five-story apartment building while fighting a fire in New York City. >> Read more trending news William Tolley, 42, was critically injured while battling a 2-alarm fire in Queens on Thursday afternoon, the New York City Fire Department said. He was taken to Wyckoff Heights Medical Center, where he died of his injuries. He is survived by his wife, Marie, and his daughter, Isabella. “We lost another hero today,” Mayor Bill de Blasio said Thursday. “A man dedicated to protecting others gave his life to this work and, like all members of the FDNY, understood every single day that he was putting his life on the line, but he did it willingly in the service of others.” Firefighters were called around 2:20 p.m. to respond to a fire on the second floor of an apartment building on Putnam Avenue. Tolley was working on the roof with other firefighters to ventilate the building and protect higher floors when he fell, Fire Commissioner Daniel Nigro said. “It is a terrible tragedy for a department that’s certainly known more than its share of tragedies,” Nigro said. Authorities are investigating the circumstances that led to Tolley’s death. Tolley was with the New York City Fire Department for 14 years and most recently assigned to Ladder 135. He was also the drummer of Internal Bleeding, a well-known heavy metal band, The New York Times reported. Band members described Tolley as “the heartbeat of the band” in a Facebook post Thursday. “There are zero words to describe the loss,” the post said. “He was a good, decent and honorable man who loved his friends, his family and the people he served. There will never be another like him. There are no words to describe the utter sadness and despair we feel right now.” Tolley is the 1,147th member of the New York City Fire Department to die while serving the city, Nigro said.