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Chicago Mercantile Exchange

CME Group Named in HFT Lawsuit

Backlash against high-frequency trading has led to a lawsuit against the CME Group (NYSE: CME), operator of the world's largest futures exchange, the Chicago Mercantile Exchange.Three CME users have filed suit claiming the exchange sold order information to high-frequency traders that allowed the high-speed users to trade ahead of other market participants.The CME strongly denied the allegations, suggesting in a statement that the suit is tied to recent publicity generated by a book on high-frequency trading published earlier this month by best-selling author Michael Lewis.In the book, called "Flash Boys", Lewis says high-frequency trading allows traders who use sophisticated computer programs to skirt securities laws and skim profits away from other traders using less sophisticated techniques."The suit is devoid of any facts supporting the allegations and, even worse, demonstrates a fundamental misunderstanding of how our markets operate," the CME statement read."It is sad when plaint...

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