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High-speed traders mount defense as CFTC studies sector

"High-speed traders defended the merits of their business on Monday as the U.S. futures regulator kicked off a new round of scrutiny for the sector often blamed for market disruptions.

"Traders spoke out as a Commodity Futures Trading Commission (CFTC) committee held its first meeting on automated and high-frequency trading (HFT) since issuing a long-awaited report on the practices last fall.

"Citing a series of trading glitches as evidence that its rules needed updating, the CFTC had asked for industry input on a long list of possible regulations to make trading safer.

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