Most experts agree that the integrity of the securities markets depends on the ability of all investors to have easy – and equal – access to information that might influence the value of a stock. Indeed, much of the work of the SEC and other government agencies is dedicated to ensuring a fair playing field for all. Nonetheless, in the competitive world of Wall Street, investors are constantly trying to gain an advantage by getting access to data before others have a chance to see it. In the increasingly high-speed world of modern trading, even an advantage of a few milli-seconds can translate into huge profits for a select few.

One such method of gaining early access to market moving information was recently brought to light by New York State Attorney General Schneiderman. He called for an investigation into the practice of groups including Thomson Reuters of releasing vital data to certain favored clients moments before making it available more generally. Schneiderman has said that the “two second advantage is more than enough time for [high speed] traders to take unfair advantage of their early access to this information as they execute enormous volumes of trades in the blink of an eye.” (CNNMoney, July 8, 2013). Others contend however that the practice is no different from many fee-driven services by research groups that produce reports and provide analysis for their exclusive clients. The three experts on this panel weigh-in on the topic.