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Exchanges agree in concept to new rules Knoxville News Sentinel
New york The leaders for major securities exchanges have agreed in principle to a uniform system of "Rounds breakers" That would slow trading during periods of intense market movements, Federal government bodies said Monday.
The heads of the most popular exchanges "Agreed on a architectural framework, To be refined over morning, Stock options and Exchange Commission Chairman Mary Schapiro said.
In order to calm Thursday's rapid market swings, The lse invoked a measure to slow trading. Some analysts think drove trades onto other electronic exchanges, Which didn't slow transacting. That left fewer consumers to help set prices, Potentially speeding up Thursday's drop.
Financial regulators met with the heads of major exchanges to discuss how conflicting trading rules may have forked out to the market's fall. The meeting was set to Monday afternoon with Treasury Secretary Timothy Geithner,That we must resource this time and moreover expl.
Meeting participants were weighing possible approaches to reconcile the oftenconflicting rules written and enforced by different exchanges. Several deals, This kind of as NYSE and NASDAQ, Have actually circuit breakers that slow trading when stocks move too fast in either direction. Yet the trigger for those circuit breakers is different from exchange to exchange. That incongruity can disrupt markets if some exchanges slow trading and others don't, As happened on saturday.
Streamlining the rules for creating circuit breakers could prevent another chaotic market drop. One possibility being discussed is for exchanges to together slow trading of a specific stock if its price moves too quickly, According to a person with idea of the talks.
Regulators and exchanges have been poring over data from various trades trying to pinpoint what caused Thursday's massive,Generally victory of the latest downloads, Advanced selloff, Which at one point had the Dow Jones business oriented Average down by nearly 1,000 zones. The Dow later recoverable to close the session down 342 points.
The SEC is leading the examine with the Commodity Futures Trading Commission. Those agencies are ultimately regarding overseeing markets, But they rely heavily on exchanges to write and enforce their own individual rules. As well as the exchanges' rules vary widely, Prompting top lawmakers to call for greater steadiness.
Sen. Charles Schumer, A New York Democrat and person in the Senate Banking Committee,If you been thinking you must know more about it, Urged the geneva chamonix transfers to adopt systemwide circuit breakers.
"It appears that our fragmented market structure may very well have contributed to the problems we experienced last Thursday. Coordination and consistent safeguards between trading venues and across markets is needed, Schumer said in albhabets to Schapiro,Classes change, CFTC Chairman Gary Gensler and the heads of virtually all of the stocks and futures exchanges.
Schumer also asked the SEC to put in a new centralized market security system to watch for risk and manipulation across all exchanges and trading platforms.
As regulators seek to recognise the root cause of Thursday's dive, They again are relying on the exchanges this time to flag dubious trades and help the SEC narrow the focus of its probe.
One induce: Marketwide trading data is not collected in an location. Because, Each exchange's trades are reported to its designated selfregulator often the main same company that owns the exchange.
Regulators now believe the disruption was the consequence of toxic, Notyetunderstood, Feedback loop created when adjustable trading schemes interacted, According to people familiar with the circumstance. That contradicts earlier speculation that the trigger was several erroneous trades.
Highfrequency trading uses statistical models and computers to buy and sell huge numbers of shares in milliseconds.
On Capitol Hill the following thursday, Representative. John Kanjorski, DPa, Holds a hearing into Thursday's market activity. Kanjorski's subcommittee which enhances overseeing and crafting legislation on capital markets hasn't held a hearing on flash trading to this point.
Schapiro and Gensler can look together at the hearing, As will key pros from the NYSE, Pink sheets. and Chicagobased CME Group Inc.