SEC Proposes First Update of Automation Controls in 22 Years
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The U.S. Securities and Exchange Commission is seeking comment on rules that would require exchanges and many other electronic trading venues to maintain technology systems against disruptions and report any outages.
SEC commissioners voted unanimously to propose automation principles that also would cover dark pools, financial industry self-regulators and networks that provide quotation and trade data to the public. The planned update of 22-year-old standards calls for the entities to regularly audit information systems for resiliency and security and notify the SEC of disruptions.