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June 3, 2023

When accounting goes unaccounted for

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SEC

The SEC Wants a Bigger Allowance Because Robots

by Adrienne Gonzalez

The U.S. Securities and Exchange Commission needs more money to properly police equity markets and detect potential misconduct, especially in a world of rapid-fire trading, SEC Chair Mary Jo White told lawmakers on Tuesday.

"We… have focused intensively on potential misconduct in the equity markets," White told a U.S. House of Representatives appropriations panel in prepared testimony.

"But detecting misconduct in constantly evolving securities markets, including as a result of the growth of algorithmic, automated trading and 'dark pools,' requires substantial resources," she added. [Reuters]

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