Risk USA: Hire more quants in compliance, says SEC official

An eye in close-up superimposted by a screen of random numbers

Compliance departments at firms using algorithms in their trading models need to hire more staff with mathematical backgrounds and implement stronger documentation and control procedures, a US Securities and Exchange Commission (SEC) official told the Risk USA conference in New York yesterday.

"We often find that different departments within quantitative firms speak different languages. The personnel who develop, program, test and execute the models speak the language of maths. The compliance

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