SEC’s White Vows New Safeguards Following Nasdaq Failure
This article is for subscribers only.
U.S. Securities and Exchange Commission Chairman Mary Jo White, responding after system errors caused a three-hour halt on the Nasdaq Stock Market, said she will push to adopt proposed automated-trading rules.
The failure that affected Nasdaq’s system for reporting quotes and prices bolsters the case to pass a proposal issued in March, White said in a statement. Advancing it will require the regulator to face down opposition by exchanges, which have pushed the SEC to limit the scope of the rule, including how much information about glitches they must be provide.