Bill Brodsky, CEO of the Chicago Board Options Exchange, said lawmakers are not focusing on the major issues, such as systemic risk, as they debate a sweeping overhaul of financial regulation. Instead, they are putting "undue political pressure" on financial regulators to bolster supervision of trading strategies and practices that were not central to the crisis. "There are micromarket-structure issues -- flash orders, short-selling, high-frequency trading -- that are being wrapped up into financial regulatory reform in a way that has a lot of political overtones," he said.

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