1/17/2013

BATS Global Markets said the four years of trading errors that it recently disclosed were the result of a market structure and rules governing trading that are excessively complex. "It's very easy in the complex market structure for minor errors to occur and not be detected because of the multiplicity of the exchanges that the [Securities and Exchange Commission] has created," said Thomas Caldwell, chairman and CEO of Toronto-based Caldwell Securities.

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