(Bloomberg) -- New York Attorney General Eric Schneiderman opened an investigation into whether U.S. stock exchanges and alternative venues provide high-frequency traders with improper advantages, a person with knowledge of the matter said.

Schneiderman is examining the sale of products and services that offer faster access to data and richer information on trades than is typically available to the public, according to the person. Wall Street banks and rapid-fire trading firms pay thousands of dollars a month for these services from firms including Nasdaq OMX Group Inc. and IntercontinentalExchange Group Inc.’s New York Stock Exchange.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.