Bloomberg News – By Silla Brush – June 19, 2012
High-frequency trading should be defined before the U.S. Commodity Futures Trading Commission sets rules for what amounts to about half of the volume of futures markets, said Scott O’Malia, a member of the panel.
The CFTC needs a better understanding of the practices as it debates new testing and supervision rules for high-frequency and automated trading, O’Malia said in a speech prepared for a Securities Industry and Financial Markets Association conference today in New York.
“Before we implement a new regulatory regime on any continent or in cyberspace, I believe we need to agree on what and who compromises this growing segment of our markets,” said O’Malia, a Republican.
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