Exchanges, brokerages and the U.S. Securities and Exchange Commission have been trying to come up with the right regulatory response after a series of high-profile glitches this year shook markets, from Nasdaq's botched handling of the Facebook initial public offering to Knight Capital's $440 million in losses due to a software error.
In October, the SEC held a roundtable with market participants to explore in detail how a kill switch, one of the leading options, might work.
Senator Jack Reed, who chaired Tuesday's subcommittee hearing, has also pledged to hold a series of hearings to explore what, if any, new market structure rules are needed to reduce systemic risk to the marketplace.
Over regulation will be our demise.. History will not be kind to this bunch, and we sit here and allow it all to happen.
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