The US Securities and Exchange Commission voted unanimously to propose a ban on the practice of flashing marketable orders.

The SEC said Flash Orders, which are send to a selected group of traders, fraction of a second before making them public, could provide hedge-funds lead over other investors.

The practice of 'Flash Orders' has been criticized for being unfair as they could create two-tiered markets that disadvantage the general investing public.

Mary Schapiro, Chairman of SEC, said, 'These flash orders provide a momentary head start in the trading arena that can produce inequities in the markets."

Last month OMX's NASDAQ Stock Market and BATS Exchange cancelled their flash services voluntarily.

Senator Charles Schumer along with another democrat Ted Kaufman had also urged the SEC to ban the flash services as it was unfair.

The proposal will be put out for public comments for 60 days before the commission schedules a meeting to decide weather to adopt the proposal.