The Regulatory Shell Game

03

October, 2012

Over two years ago, after the Flash Crash, a high level committee was formed to analyze the events of that day and to make recommendations to prevent another confidence shattering event like the Flash Crash.  That committee was called the Joint CFTC-SEC Advisory Committee.  The committee members were some of the brightest and most experienced minds in the industry including Brooksley Born, David Ruder and Joseph Stiglitz.  The panel made 14 recommendations which dealt directly with market structure issues.  They recommended cancellation fees, enhanced market maker obligations and a consolidated

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