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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » US regulators to require testing after trading glitches

US regulators to require testing after trading glitches

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Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
WASHINGTON - Exchanges and other trading platforms would have to perform tests to prevent software errors from unleashing havoc on the market under proposed rules being crafted by regulators, US Securities and Exchange Commission chairman Elisse Walter said.

Ms Walter offered details for the first time on the rules, which are being developed in response to a string of high-profile technology errors last year, in a speech Tuesday at American University's Washington College of Law.

Those glitches include Nasdaq's botched handling of the Facebook initial public offering and Knight Capital's US$440 million losses due to a software error.

Ms Walter's predecessor, former SEC chairman Mary Schapiro, first announced last year she was putting the rule-writing process on the fast track, shortly after Knight Capital nearly went bankrupt.

K.Haputantri

K.Haputantri
Co-Admin
We Sri Lankans appear to be in safe hands except for occational brake-downs at CSE.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Actually there is an algorithm behind these softwares. It's not as simple as you think.

Many people submit trades (buy and sell), but the allocation of trades including those that occur at the same time.

Sometimes if the share price increases, the oldest offer may not be taken up. For example: 3/= at 9:00, 3/= at 9:05. Share price goes to 3.10/= due to a trade. Then another trade takes pace at 3/=, which one gets taken up (1) 9:00 or (2) 9:05?

The following things can happen:
- erroneous trades to confuse the algorithm
- order stuffing
- putting an order and then cancelling (within seconds) to test the market
- slowing down the system by submitting too many stupid trades.

Example:

""For example, the trader might place an order to buy 20,000 shares a second at $30 a share for a stock that normally trades at $60 a share. If the NYSE can move only 10,000 orders in a second, a 20,000-share order will slow down the exchange because the quote stuffing tricks the NYSE into thinking that the 20,000-share order is valid. ""

Note that even the NYSE in USA is trying to tackle these problems. Hence even the best are still trying to stop this. I'm sure the Millenium IT and CSE are well aware of the above cases. Actually most of the exchanges use our Millenium IT Smile

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