Reed: Technology Won’t Slow Down. Recalibration Needed.

WASHINGTON, D.C. — Shortly before he would lead a Senate Banking Committee hearing into computerized trading, Senator Jack Reed told the Securities Traders Association that technology has to be looked at closely because the change it is bringing is speeding up.
The examination into computerized trading is necessary to prevent, like the stock market crash of 1987, a series of unintended but mutually reinforcing events that cause not just a blip – like August 1’s Knight Capital flood of erroneous orders — but real systemic failure, he said, in opening remarks at the STA’s 79th Annual Market Structure Conference here.
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