SEC Outlines Tech Roundtable Agenda
The US Securities and Exchange Commission (SEC) has outlined the agenda for its roundtable on the use of technology in capital markets.
Due to be held on 14 September in Washington, DC, the meeting will be split into two main panels. The first will focus on preventing trading errors through system design, process and operational integrity. The second will center on managing crises and responding to errors in real-time.
The SEC announced that it would hold the event shortly after a legacy issue in broker Knight Capital's trading systems resulted in a glitch that eventually cost the company $440 million, when faulty orders were placed for unwanted stock in large volumes. The regulator subsequently refused to reverse the erroneous trades, leading to a consortium of rivals and fellow brokers essentially bailing out the market-maker in exchange for shares.
"The roundtable is part of the Commission's ongoing effort to keep pace with the rapid changes in market structure and technology over the last several years," said chairman Mary L Schapiro when the event was announced. "I look forward to hearing the views of experienced technologists on how we can strengthen the stability of our market structure while still preserving the many benefits of electronic trading."
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