SEC Mandates Regular Testing of Technology
Regulation SCI, which stands for systems, compliance and integrity, will aim to ensure that "systems have adequate capacity, integrity, resiliency, availability and security, and operate in the manner intended".
Equally important, says SEC chair Elisse B Walter, is for systems to be "well-positioned to promptly take appropriate corrective action when problems arise".
These statements come after a dispiriting few years for technology-driven US financial markets, which started with the Flash Crash and continued with costly glitches at major institutions such as Knight Capital, BATS and Nasdaq OMX.
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