September 12, 2013
Thank you, Chairman O'Malia and thank you to the Technology Advisory Committee (TAC) members for your participation.
Technology in markets is way cool. All sorts of new and gee whiz things have been developed. The high frequency cheetah traders are killing it. I just want to ensure that they don't kill other traders, like end users, or markets or consumers.
There are some basic things that should be done now. They can't wait for a year. In fact, I hope we move on some of these things this year.
Three—Kill Switches; and
Four—Wash Sales; we need to ensure that wash sales are prohibited and that the exchanges mandate that wash blocking technologies are used by traders. I'm pleased that IntercontinentalExchange (ICE) is adopting such a policy.
I look forward to our discussion.
Thank you Mr. Chairman.
Last Updated: September 12, 2013