cdu likelyup soon in senate inquiry into asic, page-7

Hi gjcl,

CuDeco shareholder submissions to the Senate Inquiy into ASIC are becoming more obvious as time passes. Court cases are starting in the USA and the Senate Inquiy Committee will surely come across this activity. Looks like going back to 2007. Here is the latest:

"CME Sued on Claims High-Frequency Traders Bought Access

CME Group Inc. (CME), owner of the world’s largest futures market, was sued by three of its users who alleged the company sold access to order information to high-frequency traders ahead of other market participants.
Traders William C. Braman, Mark Mendelson and John Simms claimed the owner of the Chicago Mercantile Exchange and the Chicago Board of Trade perpetrated “a fraud on the marketplace,” according to a complaint filed April 11 in Chicago federal court.

Scrutiny of high-frequency trading and whether it gives some investors unfair advantage intensified this year amid government probes and the March 31 publication of “Flash Boys” by Michael Lewis. While those examinations have focused mostly on U.S. equity markets, such as dark pools run by banks and exchanges owned by companies including Nasdaq OMX Group Inc., IntercontinentalExchange Group Inc. and Bats Global Markets Inc., high-frequency traders also are active in futures markets.

The lawyer for the three men, Tamara De Silva, said that while the lawsuit wasn’t inspired by the Lewis book, her clients “felt vindicated” by it. De Silva, who didn’t cite any specific instances or evidence of two-tiered access in the complaint, is seeking class-action, or group status, on behalf of all users of real-time futures market data from those exchanges from 2007 until the present.

CME Group said today in an e-mailed statement it will fight the lawsuit and that the complaint is “devoid of any facts supporting the allegations and, even worse, demonstrates a fundamental misunderstanding of how our markets operate.”


cheers,

Max