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SEC's Schapiro calls Knight problems "unacceptable"
August 3, 2012 / 6:41 PM / 5 years ago

SEC's Schapiro calls Knight problems "unacceptable"

WASHINGTON (Reuters) - U.S. Securities and Exchange Commission Chairman Mary Schapiro said on Friday that the technology problems that led Knight Capital Group Inc to suffer a $440 million trading loss are “unacceptable,” and pledged to take additional steps to strengthen the integrity of the marketplace.

“The apparent trading error by Knight Capital Group on Wednesday reflects the type of event that can raise concerns for investors about our nation’s equity markets - markets that I believe are the most resilient, efficient and robust in the world,” Schapiro said in a statement.

“I have asked the staff to accelerate ongoing efforts to propose a rule to require exchanges and other market centers to have specific programs in place to ensure the capacity and integrity of their systems.”

Reporting By Sarah N. Lynch; Editing by Gerald E. McCormick

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