WASHINGTON, Feb 6 (Reuters) - U.S. Securities and Exchange Commission Chairman Jay Clayton said on Tuesday he “can’t really say” what caused the dramatic drop in stock prices during recent trading sessions, but that all signs indicate financial markets are functioning normally.
Testifying before Congress, Clayton said from a functional perspective, markets appeared healthy on Monday when both the S&P 500 and Dow Industrials indices slumped more than 4.0 percent.
“There was nothing to indicate that any of our systems didn’t function as they were expected to function yesterday,” he told lawmakers. “There’s nothing that came out of this that concerns me.”
Commodity Futures Trading Commission Chairman Christopher Giancarlo concurred with Clayton, saying they had been tracking markets closely amid the turmoil.
“The system held, the system worked as it was designed to do,” he said. (Reporting by Pete Schroeder; Editing by David Gregorio)