Finra: poor controls around HFT a big concern
Flash crash and Knight Capital trading error were the result of out-of-control technology, summit hears
Technology getting out of control is the biggest concern with high-frequency trading (HFT), the US Financial Industry Regulatory Authority's (Finra) chief information officer told delegates at the North American Financial Information Summit in New York yesterday.
Steve Randich said that incidents such as the 2010 flash crash – which saw the Dow Jones Industrial Average plunge 998.5 points and then recover almost as quickly as it fell – are the result of unintended consequences of technology
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