Reuters: Regulatory News: US regulators working on rules for exchanges' automated systems

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

US regulators working on rules for exchanges' automated systems Feb 19th 2013, 19:15 WASHINGTON | Tue Feb 19, 2013 2:15pm EST WASHINGTON Feb 19 (Reuters) - Exchanges and other trading platforms would have to perform tests to help prevent software errors from unleashing havoc on the market under proposed rules regulators are crafting, U.S. Securities and Exchange Commission Chairman Elisse Walter said. Walter said in a speech at American University on Tuesday that the new rules likely would require the core technology of exchanges, clearing agencies and significant alternative trading systems to meet standards. The platforms also would have to provide notifications about systems disruptions, she said. Policymakers have been taking a closer look at the safety and soundness of the equity markets following a string of high-profile technology errors, including Nasdaq OMX Group Inc's botched handling of the Facebook Inc IPO and Knight Capital Group Inc's $440 million in losses due to a software error.

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