Warren Buffett today rebutted charges that Business Wire, a Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) subsidiary, gave special advantage to high frequency traders before Business Wire information was available to general investors.
In a February 6 Wall Street Journal article Scott Patterson, author of the algorithmic trading book The Quants, wrote, “High-frequency traders have been paying to get direct access to market-moving news releases, a practice that can give firms the ability to trade fractions of a second ahead...