Schneiderman said at the Bloomberg Markets 50 Summit in New York that that his office is looking at combating the advantages won by securing early access to market-moving data. Calling the issue “Insider Trading 2.0,” Schneiderman said that the combination of high-speed trading and early data access unfairly sets up a small group of investors to reap enormous profits.

“A new generation of market manipulators has emerged,” Schneiderman said. Average investors aren’t “going to invest if they think the markets are rigged,” he said.

He said the state’s Martin Act could be used to target improper use of early data. The act is a nine-decade-old law used by prosecutors to probe investment frauds, Ponzi schemes and other white-collar crime.

Earlier this year, financial information provider Thomson Reuters Corp. reached a deal with Schneiderman’s office in which it agreed to suspend a practice of providing consumer survey data from the University of Michigan to certain high-frequency traders two seconds before other investors. Thomson Reuters competes with Bloomberg LP, the parent of Bloomberg News.

The investigation is continuing, according to Schneiderman’s office.