CFTC-SEC Proposals Restrict Internalization

Sal Arnuk, co-founder, Themis Trading

The Joint Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) Advisory Committee recommendations to hold trade internalizers to tougher standards and protect depth-of-book are its boldest steps taken in reaction to the May 2010 Flash Crash.

"The commissions saw how internalizers behaved on May 6," says Sal Arnuk, co-founder of Themis Trading, a proprietary trading firm. "They took all the orders they would normally have internalized and flooded the public

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