cyprus talinec holdings news:NYSE Euronext Fine, Automated S

Compliance Policy
SEC May Apply New Automation Rule to Brokers, Shillman Says
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. (KCG) trading loss triggered by a software malfunction last month.
The commission’s so-called automation review policy program was established after the 1987 market crash to ensure exchanges and clearing agencies have the capacity to handle sudden surges in trading. The initiative evolved to encompass the security of automated systems and make sure the technology wouldn’t fail during or after a crisis, according to David Shillman, associate director in the SEC’s division of trading and markets.
The aim now is “to codify that,” and make the standards clearer, Shillman said Sept. 13 at a conference in New York sponsored by the Futures Industry Association and Options Industry Council. Minimum standards for automated systems, which currently cover exchanges and clearinghouses, “could be applied to other market participants” including brokers and dark pools, he said.
Shillman said he expects the automation review policy, or ARP, program to be discussed during a roundtable meeting about technology the SEC is holding in Washington on Oct. 2.
SEC Chairman Mary Schapiro said in a March 2011 speech that compliance with the ARP guidelines should be made mandatory. » cyprus talinec holdings news:NYSE Euronext Fine, Automated S