New HFT Oversight Viewed as Hollow Victory for U.S. Regulators
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The U.S. Securities and Exchange Commission took its first shot Wednesday at boosting regulation of high-speed traders. The industry says it dodged a blow.
The SEC’s proposal, approved Wednesday by the five-member commission, will force some high-frequency traders to become members of the Financial Industry Regulatory Authority, which oversees brokerage firms’ practices. Affected companies include Virtu Financial Inc. and Tradebot Systems Inc., according to a person familiar with the matter.