Exchanges are close to agreeing on "kill-switch" standards

05/1/2013 | Traders Magazine Online

Burke Cook, Nasdaq OMX Group's managing director, said at SIFMA's Operations Conference that the major exchanges are nearing an agreement on standards for "kill switches" and could be ready for submission to regulators by June 1. "Everyone is in agreement that we need some form of a big red button," Cook said. The kill switches are needed to "prevent collateral systemic damage, unintended technology disruptions and extreme events."

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