BANZAI7 NEWS--Nasdaq and BATS Exchange are withdrawing controversial trade order types that raised alarms about fair access to the markets.
The cancellation of their so-called "flash orders" puts pressure on Direct Edge, an electronic communication network owned by Goldman Sachs ( GS - news - people ), Citadel and Knight Trading, which was the first to offer the service and has used it to gain substantial market share in recent months.
In response to Direct Edge's success, Nasdaq OMX ( NDAQ - news - people ) and BATS rolled out flash orders in June.
The Securities and Exchange Commission is looking into flash orders, which hold up the routing of stock orders between various market centers while quote information is shown, or flashed, to traders for a few milliseconds.
Will somebody please, please, please explain the difference between "flash orders" and this demonstration by Jigaboo Jones.
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