The heads of the leading U.S. stock market operators have been called to Washington for an emergency meeting on Monday, days after a spine-chilling plunge in stock prices continued to perplex U.S. regulators.
The heat is on the Securities and Exchange Commission to employ emergency measures to prevent a repeat of the episode after Thursday's scary market plunges saw stocks usually regarded as safe inexplicably drop precipitously for several minutes.
Regulators have so far given no indication that they have any idea what triggered the dive, adding to concerns among investors over what kind of market they are trading in.
Tempers were short in Washington. Lawmakers wanted to know why regulators had no answers while the SEC and Commodity Futures Trading Commission said not to look for quick explanations.
"Clearly the Securities and Exchange Commission needs to act," an exasperated Sen. Chris Dodd, chairman of the Senate Banking Committee, said on CBS's "Face the Nation" program.
"They need to step up very quickly and let us know what happened here and what steps need to be taken," he said. "I don't think you need legislation in this area. You need the regulators to step up."
Speculation initially centered on the possibility that there was a massive "fat finger" accidental trade by an individual but that has now been discounted.
Another theory is that a huge computerized trading program was triggered by a big currency-related play amid the deepening Greece-related crisis.
The meeting, set for Monday morning at 1000 EDT/1400 GMT, was called by SEC Chairman Mary Schapiro, and is expected to address whether they need to implement a market-wide stock-specific circuit breaker which would halt sudden plunges in individual stocks, a source familiar with an investigation into the events said.
It will also discuss finding ways to possibly rein in market orders and will address stop-loss selling, the source said. Any new rule would need approval from a majority of 5 commissioners.http://www.t7dy.net/vb
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