“The past year exposed cracks in the systems underlying the U.S. stock market. In 2013, exchanges and market overseers will seek to repair them.

Incidents such as Nasdaq OMX Group Inc.’s mishandling of Facebook Inc.’s initial public offering and a software glitch at Knight Capital Group Inc. that caused erratic trading in dozens of stocks cost securities firms hundreds of millions of dollars. (And in Knight’s case, it led to a proposed takeover with Getco LLC.) More important, according to some observers, they shook individual investors’ confidence in the integrity of the market. As a result, regulators and market participants are turning their focus to testing and maintaining their systems.”

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