Senate Will Leave HFT Reform To The SEC: Sterne Agee

Online brokers got a boost following yesterday’s testimony in front of the Senate Permanent Subcommittee on Investigations with E TRADE Financial Corporation (NASDAQ:ETFC), Charles Schwab Corp (NYSE:SCHW), and TD Ameritrade Holding Corp. (NYSE:AMTD) gaining 7.7%, 5.5%, and 4.7% respectively. While Senator Carl Levin (D, MI) had sharp words for online brokers and perceived conflicts of interest, there was nothing in the hearing to indicate immediate action on broker rebates or the maker-taker system that critics say interfere with order execution. “Our biggest takeaway from Tuesday’s (6/17) Senate hearing was that the ball is in the SEC’s (Securities Exchange Commission) court…