May 11, 2010

SEC Chairman Admits: We’re Outgunned By Market Supercomputers

Michael Corkery

SEC chairman Mary Schapiro says that while they haven’t figured out the exact cause of the market crash on May 6, the reality is that the technologies used for market oversight and surveillance have not kept pace with trading technology. She also says the high frequency trading firms immediately identified as a culprit may have exacerbated the sell off, but didn’t cause it.

Full story at The Wall Street Journal

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