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FBN's Peter Barnes on the SEC holding a roundtable with tech experts on using technology to prevent trading glitches.
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Not -- tech industry experts meeting of the SEC today to discuss ways to better protect market participants.
After a recent series of high tech trading glitches led to excessive losses for both traders and exchanges.
Peter Barnes is that the FCC with more Peter.
Well that's right Melissa -- -- -- holding this roundtable with industry executives.
Academics and consumer advocates about -- -- trading technology the kinds of software problems that lost Knight capital 440 million dollars this past August.
The order traffic jam -- -- FaceBook IPO in May SEC chairman Mary Shapiro saying that these two problems in particular were caused by simple computer glitches by.
Technology -- -- one issues but investor advocates.
Are demanding that the agency move faster with its investigations.
And with the new regulation.
How long the American people have to go unprotected.
From computers that are designed to maximize.
The profits for the high speed computer companies but not designed to protect our capital markets our economy.
Or investors generally.
Now the industry is trying to head off any tough new regulation from the SEC by proposing to voluntarily adopt.
New automatic trading halts of these so called kill switches if there trades hit certain predetermined levels the firm's warning against over regulation saying quote.
But today trading costs are lower markets are deeper and more liquid and prices -- better reflect information about the value of stocks and commodities.
These improvements should be protected as we consider additional market reforms.
