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Better Markets Statement on the CFTC’s Proposed Algorithmic Trading Rules

FOR IMMEDIATE RELEASE
Tuesday, November 24, 2015
Contact: Jeff Gohringer, 202-618-6430 or jgohringer@bettermarkets.com

Better Markets Statement on the CFTC’s Proposed Algorithmic Trading Rules

Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on the Commodity Futures Trading Commission’s (CFTC) proposed rules for algorithmic trading in the futures markets:

“The CFTC today proposed long-awaited rules to begin forming a basic regulatory framework for algorithmic trading in the futures markets. While these rules do little to address serious market structure issues raised by predatory high-frequency trading, they are an important first step in ensuring potentially dangerous algorithms are registered and monitored by the CFTC, and that proper data is collected about them. This proposal should be a wake-up call for the Securities and Exchange Commission, which has failed to address the far greater dangers proposed by electronic trading in the stock market in the more than five years since the devastating Flash Crash of 2010. This inaction has weakened public and investor confidence in our markets, which all American families, businesses and our economy depend on every day. This proposal should be the first of many rules to provide a concrete and comprehensive roadmap for the new electronic marketplace.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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