Securities and Exchange Commission on Speed Trading at High Frequency Trading Leaders Forum 2012 Chicago

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Securities and Exchange Commission on Speed Trading at High Frequency Trading Leaders Forum 2012 Chicago Powered By Docstoc
					For Immediate Release



                                                                                                       Julia Ye
                                                                                    Media Relations Coordinator
                                                                                            Golden Networking
                                                                                                  516-761-4712
                                                                                      jye@goldennetworking.net
                                                                               http://www.goldennetworking.net


 Securities and Exchange Commission on Speed Trading
    at High Frequency Trading Leaders Forum 2012
                       Chicago
  Golden Networking brings the World’s Most Influential High-Frequency Trading Conference Series,
 High Frequency Trading Leaders Forum 2012, now in Chicago, October 9, and London, December 12
                           (http://www.High-Frequency-Trading-Conference.com)

(October 3, 2012, New York) The Securities and Exchange Commission (SEC) has expressed a number of
concerns about speed trading, including the need for heightened safeguards for testing computer code and the
adoption of so-called kill switches; these switches would give stock exchanges responsibility to "shut off" broker-
dealers or individual trading firms if their trading reached preset limits considered dangerous to themselves or the
market.


Jay Scoggins, Assistant Regional Director for the SEC Division of Enforcement's Market Abuse Unit, will bring
the latest on the agency’s thinking at Golden Networking’s High Frequency Trading Leaders Forum 2012
Chicago, "How Knight Capital's 'Knightmare on Wall Street' Could Transform the Regulatory Landscape and
Impact Investors, Speed Traders and Brokers", conference that will provide attendees in Chicago and London
with the most up-to-date review of where this ever-changing industry stands and how new technology and
regulatory developments will impact it.


The SEC currently is investigating software code used by high-frequency trading firms, as well as specific trades
going back several years, according to people familiar with the inquiries; the agency grew concerned as well
about technology controls at the nation's biggest stock exchanges. One catalyst was an investigation into exchange
operator Direct Edge Holdings LLC and technology mistakes that had led to millions of dollars in trading losses
in 2010 and 2011.
SEC officials found the New Jersey firm running corporate email and other internal programs connected to
trading systems handling two billion or more shares a day, without adequate firewalls, according to people
familiar with the regulator's findings. The SEC is now probing other exchanges in a broad look at whether they
are cutting corners on compliance, The Wall Street Journal reported last month.


The SEC Division of Enforcement's Market Abuse Unit, “MAU”, pursues nationwide investigations into large-
scale insider trading networks, large cap market manipulations, system-based and platform-driven trading
violations such as front running, collusive trading, best execution and abusive short selling violations as well as
other systemic, institutional regulatory violations, internal control violations and other abusive market practices.


Mr. Scoggins joined the SEC's Denver Office in April 2000, where he leads a team of attorneys and accountants
who bring significant enforcement actions involving public company accounting and financial disclosure, broker
dealer regulation, and investment adviser regulation.

Prior to joining the Commission, Mr. Scoggins was a prosecutor for Colorado’s 17th Judicial District. Mr.
Scoggins is a 1997 graduate of the University of Denver School of Law and a 1993 graduate of North Carolina
State University, where he received his bachelor's degree in psychology.


High Frequency Trading Leaders Forum 2012 is produced by Golden Networking
(http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs
and investors. Panelists, speakers and sponsors are invited to contact Golden Networking by sending an email to
info@goldennetworking.net.

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