Excerpt:
High-frequency trading firms that have subscribed to the U.S. Securities and Exchange Commission's system for disseminating company filings are getting access to market-moving information before it is made publicly available, possibly giving them a leg up on the market, a recent study concluded. Academic researchers found that there is a delay between when subscribers to a direct feed for the SEC's Electronic Data Gathering, Analysis and Retrieval system receive company filings and when the filings are made publicly available on the regulator's website. Furthermore, studies showed... [...]