Dead exchanges voting in an election, last minute horse trading and ignoring government voting guidelines.
Sound like Chicago politics? It is, but this vote is taking place for control of a key piece of stock market plumbing known as the “SIP.”
As a second vote earlier this week was deadlocked 9-6, with the same positions hardening, a number of behind the scenes maneuvers are taking place to facilitate a negotiated settlement. Bloomberg reported yesterday that six votes cast for Tradeworx were from Bats, which controlled four votes because it operates that many stock exchanges, as well as CHX Holdings Inc.’s Chicago Stock Exchange and Intercontinental Exchange Inc (NYSE:ICE). Nasdaq, on the other...
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