WASHINGTON (Reuters) - the regulator of securities U.S. high Friday called for a broad reassessment of high frequency on the first anniversary of the accident called "flash" of 2010.
"We must assess the surrounding high-frequency trade societies any regulatory structure and their algorithms," said U.S. Securities and Exchange Commission Chairman Mary Schapiro fund a Conference.
Schapiro, exactly one year after a sudden drop in us stock markets which have shaken the confidence of investors, said: "high-frequency traders transformed what was a day very low for many investors a very profitable for themselves by taking liquidity rather than provide him with."
"I think that their activity on that day should cause us to thoroughly examine their current role".
In the afternoon of May 6, 2010, the U.S. shares plunged with shocking speed. The benchmark Dow Jones industrial average, after having lost about 4% of its value across a large part of the day, plunged to about 600 points in five minutes.
Then, in all also astounding fashion, the Dow Jones rebounded almost as quickly.
Since then, some individual stocks have known what some call "mini" crashes, where shares unexpectedly move on a sudden explosion of the volume, in the absence of any news.
Stunning may 6 "flash crash" has been the subject of study by regulators for months. A panel of experts in February made 14 recommendations, such as commercial stocks breaks and the bands of price limit/limit-down to calm markets. The Committee has also suggested companies providing liquidity obtain Exchange of reimbursements of expenses.
The SEC has taken other steps to try to prevent future flash accidents, but Schapiro raises fundamental questions about the high frequency market traders.
In his speech to a group of mutual funds, she said: "should high-frequency traders who often receive significant benefit from their role as de facto market-makers, also have obligations of market makers and other responsibilities concerning the impact of their technology and trade strategies in the markets."
Schapiro said regulators are aware that the restrictions on high-frequency traders will have to be carefully designed to avoid unexpected consequences.
"Imposing important obligations for the quality of some companies market, but leaving the other free to operate without those obligations, companies could create unfair game and, ultimately, land is not much to promote the quality of market"."," she said.
(Edited by Derek Caney)
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