Reuters: Regulatory News: US SEC postpones discussion on technology glitches to Oct. 2

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US SEC postpones discussion on technology glitches to Oct. 2 Sep 7th 2012, 15:41 Fri Sep 7, 2012 11:41am EDT * Event had been planned for Sept. 14 * SEC says change due to scheduling conflicts NEW YORK, Sept 7 (Reuters) - U.S. securities regulators have postponed a roundtable discussion to Oct. 2 from Sept. 14, aimed at addressing ways to promote market stability in the wake of recent technology glitches that have eroded investor confidence in financial markets. Citing scheduling conflicts, the U.S. Securities and Exchange Commission said late on Thursday the new date will help accommodate individuals and groups who have expressed strong interest in participating in the discussion. The SEC has yet to say who will be involved in the talks. The roundtable on how "appropriate controls" for implementing technology could support a reliable market, was announced in August, two days after a software error cost Knight Capital Group $440 million in trading losses and nearly bankrupted the firm. The event will begin with a panel on preventing errors, followed by a discussion on how to best respond to errors when they do occur, the SEC said. Technology has enabled the markets to achieve extraordinary levels of speed and efficiency, SEC Chairman Mary Schapiro said when the event was announced. "But with technology comes a responsibility for getting it right, minimizing errors and protecting the interests of investors," she said at the time. The SEC is also investigating Nasdaq OMX Group for its handling of Facebook Inc's botched May 18 initial public offering, which led to hundred of millions of dollars in losses among market-making firms and brokerages. In March, BATS Global Markets, the No. 3 U.S. equities exchange, took the extremely rare step of withdrawing its IPO due to technical glitches on its own platform. Market structure changes have been high on the agenda for the SEC over past few years due to the predominance of automated trading. The SEC implemented a handful of reforms after the May 6, 2010 "flash crash," when the Dow Jones Industrial Average plunged about 700 points before rebounding. But the pace of rule-making on market structure matters slowed as the agency struggled under the workload of the 2010 Dodd-Frank Wall Street reform law. The recent string of events has prompted the SEC to kick back into high gear on market structure issues. Link this Share this Digg this Email Reprints

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