Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Twitter attack prompts CFTC to speed automated trading rule

Agency examining activity before report

By Silla Brush

April 30, 2013 • Reprints

The top U.S. derivatives regulator today promised to publish in the next month or two ideas for boosting oversight of automated and high-frequency trading after a market-moving hack of the Associated Press Twitter feed.

“Last week’s events remind me once again,” Commodity Futures Trading Commission Chairman Gary Gensler said at a meeting in Washington about technology. The April 23 hack placed a false report about an attack on the White House on the news service’s Twitter feed. Traders responded by wiping out $136 billion from the Standard & Poor’s 500 Index before it recovered within minutes.

The CFTC’s so-called concept release would seek comment on new testing, supervision and risk controls for automated trading, Gensler said. “I think we will do that in the next month to two months,” he said. A concept release is an early regulatory step to seek comments on if or how authorities might propose eventual rules.

CFTC Commissioner Bart Chilton has said the agency is looking into the trading activity of 28 futures contracts in the five minutes before and after the fake report.

The S&P 500 was up about 1 percent at about 1,578 at 1:07 p.m. New York time on April 23 when a posting on the AP’s Twitter account said there had been explosions at the White House and President Barack Obama had been injured. The benchmark gauge for American stocks erased almost the entire gain, falling as low as 1,563.03 by 1:10 p.m. The index recovered from the plunge within three minutes as the news service said its Twitter account had been hacked and there were no explosions. The S&P 500 ended the session up 1 percent at 1,578.78.

Bloomberg News

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Fed tightens a quarter in Yellen's last meeting
CFTC obtains consent order against California firm for fraud
MF Global is gone, but Corzine may return
CFTC commissioner floats user fee
Learning the lessons of platinum partners
Previous
Copper weakens for second day as China’s manufacturing slows
Next
Dan Gramza: Nasdaq moves higher, but needs help
Related Terms
Standard & Poor 2008Commodity Futures Trading Commission 1289cftc 937Barack Obama 909White House 506Twitter 371Gary Gensler 314Bart Chilton 134Twitter 51the Associated Press 38automated trading 11ap 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images