Ned Johnson is up to something again, and BlackRock is involved. But wait, it's about trading.
The Wall Street Journal's
Kirsten Grind recently broke news
that Fido's chairman is leading an initiative to develop a trading venue that would shield fund firms from the impacts of high frequency traders.
The Financial Times'
Stephen Foley reports
that BlackRock, already a partner with Fido for commission-free trading of iShares products, is part of this initiative.
Ross Kerber also reported
on the development. Bloomberg's
Sam Mamudi also provided coverage
The reports seem to agree that Fido has approached a number of asset managers, perhaps including yours. Let the fundster cat herding begin!
The announcement, of course, coincides with the current buzz around high frequency trading generated by Michael Kewis' new book, Flash Boys
, a spokesperson for Fidelity told Reuters
that they have been working on this issue for years.
Neil Anderson, Managing Editor
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