SEC May Apply New Automation Rule to Brokers, Shillman Says
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The U.S. 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.