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Which words or phrases best help clarify the meaning of flash orders?
In 2009, the Securities and Exchange Commission (SEC) proposed a ban on the use of flash orders on Wall Street. This practice allows a trader to view an order and its price preliminary to its release to the general public. According to outspoken opponents, the use of flash orders creates an inequitable market by giving a monetary advantage to selected high-frequency traders while preventing retail traders from previewing the orders. Furthermore, the SEC suggested that this practice is unnecessary in a highly automated trading environment. No further action has been taken by the SEC since the initial proposal, but many trading firms have voluntarily stopped participating in flash orders.