High-frequency traders form trade group

High-frequency trading firms are forming  a new trade group to battle what they see as an unfair reputation for hurting markets.

The Wall Street Journal reports that firms have hired Kevin Madden and Erik Smith – a top GOP and Democratic operative, respectively – for the group, which will intensify its efforts to lobby regulators and lawmakers this week.

The new group will argue that high-frequency traders "have made the financial markets cheaper and faster for investors," the Journal reports. Critics have said the firms can manipulate markets.