SEC to extend automation rule to brokers

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Messagepar nvitale » ven. sept. 14, 2012 10:56 pm

New York: The US Securities and Exchange Commission may include large brokers and dark pools in a planned rule aimed at ensuring that regulated securities markets have adequate technology systems, an SEC official said.

The SEC is working to turn policies on how exchanges manage their automated systems into regulations in the wake of a $440 million Knight Capital Group Inc trading loss triggered by a software malfunction last month.

The commission’s so-called automation review policy program was established after the 1987 market crash to ensure exchanges and clearing agencies have the capacity to handle sudden surges in trading. The initiative evolved to encompass the security of automated systems and make sure the technology wouldn’t fail during or after a crisis, according to David Shillman, associate director in the SEC’s division of trading and markets.


We recognize that other technologies are important to the markets as well, including market data provision, routing services, issuer services and the like,” Shillman said. “The main goal of the initiative is to see whether objective industry-wide standards can be devised that are appropriate for the securities industry and to have an enforceable rule to buttress that,” he said.

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