” Dennis Kelleher, CEO of advocacy group Better Markets in Washington, said that the failure at Knight Capital is another example of technology-oriented problems — including the flash-crash and troubles with the initial public offering of Facebook Inc. —all of which scream for more regulatory actions by the SEC.
“It’s an inexplicable abdication of responsibility,” said Kelleher. “It shows that we have become so dependent on technology and we appear to be pretty utterly unprepared to deal with technology problems.”
Kelleher said he was disappointed with delays in setting up a system to give exchanges and the SEC more information about high-speed trading and high-frequency trading. “
Read Ron Orol’s full Marketwatch story here.