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May 1, 2013

Hacked Tweet Prods Revamp

The head of the Commodity Futures Trading Commission said the false tweet that temporarily sent markets diving last week highlights the need for the agency to move forward on new oversight of high-speed traders.

CFTC Chairman Gary Gensler, speaking Tuesday, said he hopes the commission can finish a draft policy paper in the next month or two that could help guide future regulation. The commission has been working “for many moons” on the paper about risk controls and safeguards for automatic trading, Mr. Gensler said.

In addition to new rules, Mr. Gensler said the CFTC needs more funding to keep up with the rapid-fire trading practices that are gripping Wall Street and keeping regulators on their toes.”

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Read full Wall Street Journal article here

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