Speed bumps and randomization to level the playing field against increased trading speeds need to be implemented correctly to deter disruptive trading behavior, ParFX Chief Operating Officer Roger Rutherford says. "True, meaningful randomization happens at an order entry level and applies to all trading elements, including submissions, amendments and cancellations," he says. Futures & Options World (subscription required) (16 Oct.)
Kara Stein, a member of the Securities and Exchange Commission, said that to protect investors, Congress might have to change a provision in securities law that lets brokers give advice without registering as investment advisers if what they say is "solely incidental" to what they are trying to sell. The "solely incidental" language was written in a time "very different from the one we live in now," she said. InvestmentNews (tiered subscription model) (16 Oct.)
European Commission President Jean-Claude Juncker said there would be a "violent reaction" from eurozone members if the EU accepted Italy's budget proposal, which does not conform to EU rules. "Italians understand things well, and they know they can't keep spending more than what they have in the state's coffer," he said. Politico (16 Oct.)
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