CFTC's Chilton Pushes for Registration of Speed Traders at Golden Networking's HFT Forum in Chicago

Oct. 4, 2011 - PRLog -- Mr. Bart Chilton, Democrat Commissioner of the U.S. Commodity Futures Trading Commission, disclosed he sent a memo to the four other commissioners calling on them to adopt a rule requiring high-frequency traders to register with the CFTC. "With registration, my hope is that we begin a process of looking at these market participants in a thoughtful way," Chilton said in remarks at Golden Networking’s High Frequency Trading Leaders Forum 2011 Chicago, "How Speed Traders Leverage Cutting-Edge Strategies in the Post-Flash Crash World" (http://www.HFTLeadersForum.com), October 3-5, hosted by Katten Muchin Rosenman LLP. Chilton was accompanied by his wife, Sherry Daggett Chilton.

As reported later by Bloomberg, proposed regulations aimed at halting volatile trading in U.S. securities markets may still allow for market disruptions and expose regulators to a backlash, said Chilton. The Securities and Exchange Commission is seeking comments on proposals submitted by U.S. equities exchanges and the Financial Industry Regulatory Authority to change how circuit breakers are used to halt trading. The proposal would allow for a 20 percent move in the value of an index during the last 35 minutes of trading without a circuit breaker being triggered, Chilton said. “Such a move, while unlikely, would be extraordinarily disruptive, would threaten the market’s infrastructure, and could lead to substantial criticism about what regulators thought was a-okay,” he said. “I understand that markets need the freedom to discover a closing price, but 20 percent in 35 minutes. Really? I don’t think that’s cool.”

Chilton was born in Delaware and spent his youth in Indiana, where he attended Purdue University (1979—1982). He studied political science and communications and was a collegiate leader of several organizations. Mr. Chilton and his wife split their time between Washington, D. C. and Arkansas.

High Frequency Trading Leaders Forum 2011 is produced by Golden Networking (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs and investors.

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