BATS Document Suggests LULD Delay
Last year, the Securities Industry and Financial Markets Association (SIFMA) expressed concern over the timeframe for implementation in a letter to the US Securities and Exchange Commission (SEC), saying that the technology needed to facilitate the measures could not be put in place by February.
While the SEC, which announced the rules in June 2012, has yet to officially approve the revised SIFMA timetable, the inclusion of the date in an official exchange notice is significant. Under BATS' timetable, April 8 will be the start date for the first phase of the project, with August 1 being the start date of the second roll-out. Direct Edge, in its own timetable, has the official start date but references the proposed timetable. BATS also mentions in the notice that the timeframe has yet to receive SEC approval.
LULD measures are specifically designed to mitigate the effect of events like the Flash Crash, which temporarily wiped $1 trillion from the value of the US stock markets in May 2010. The value recovered minutes later but spooked participants and regulators alike, with algorithmic and high-frequency trading receiving the popular blame despite a joint SEC and Commodity Futures Trading Commission (CFTC) study absolving it.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Waters Wrap: Quants, CDOs, and the blending of job titles
Anthony explains how a quant at a massive bank taking on the CDO title hints at larger industry changes.
Nasdaq to market new options strike listing tech to other exchanges
The exchange operator is experimenting with emerging technologies to determine which options strike prices belong in a crowded market, with hopes to sell the tech to its peers.
The IMD Wrap: Talk about ‘live’ data, NAFIS 2024 is here
This year’s North American Financial Information Summit takes place this week, with an expanded agenda. Max highlights some of the must-attend sessions and new topics. But first, a history lesson...
MarketAxess builds strategy around X-Pro
MarketAxess profits were down in Q1, but revenues were up and automation volume hit a record $94 billion.
Canada’s triparty repo launch aims to fill C$60bn void
Test trades on TMX/Clearstream platform represent “quantum leap” for creaking funding markets.
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Bank-led consortium takes aim at position reporting
Five banks, including Barclays, BNP Paribas, Goldman Sachs and HSBC, have joined forces to mitigate interpretation and implementation errors in position reporting disclosures.
This Week: BBH, AllianceBernstein add data solutions, Deutsche Börse-Nodal Exchange, and more
A summary of some of the latest financial technology news.
Most read
- IMD & IRD Awards 2024: All the winners
- Waters Wavelength Podcast: Bloomberg’s Tony McManus
- Most innovative market data project—Tradeweb