U.S. SEC proposes ID system, reporting for large traders

Apple Store“The Securities and Exchange Commission on Wednesday voted 5-0 to propose new rules for large traders that would assign them unique identifiers and require them to report next-day transaction data,” Fawn Johnson reports for The Wall Street Journal.

“The rules are designed to give the SEC a better handle on high-frequency trading, in which trades are transacted in milliseconds and dispersed among many trading centers,” Johnson reports. “Next-day access to trading data could be used by the SEC to promptly reconstruct market activity and perform other trading analyses, according to a summary of the proposal.”

Johnson reports, “The data also could assist investigators in finding manipulative, abusive or otherwise-illegal trading activity.”

Full article here.

33 Comments

  1. yeah, this is tyranny – imagine the billions of dollars lost and millions of lives ruined by these “professionals” because no one dares to regulate them. a bunch of crooks…

    It’s like a carry permit for a gun. Legal, responsible and honest folks don’t mind submitting to a background check and all the rest of the hassle, because they have nothing to hide, and understand how serious it is.

  2. Some people really confuse freedom with anarchy : those guys that are doing millisecond transactions have access to data that is forbidden to ordinary mortals like you and me – they have a license to legally STEAL big time !!!

    Why do you call it freedom is beyond my understanding …

  3. I see thousands of traders “next day” reporting on thousands (millions?) of trades of millions (billions?) of shares traded each day. They will just have the programmers add a “dump” of data each day to the SEC.

    This, of course will require $$$ for the SEC to add new computers, and thousands of new “government employees”, so that politically appointed Czars can puzzle over the too-big-to-check data and report more politically-agendified tinkering needed in the economy.

    Sounds like the re-distribution of economic control to me.

  4. And some confuse government controls with compassion. It was the government that caused this debacle, and now they’re going to fix it? Yeah right. Wake up folks. Please point to the constitutional basis for this “control.” Go ahead, I’ll wait.

  5. @ Magin

    Here’s so you won’t have to wait for long:

    Article I, Section 8, Clause 3:
    “[The Congress shall have power] To regulate Commerce with foreign Nations, and among the several States, and with the Indian tribes;”

    There, happy now?

    And no, it wasn’t the government that caused this debacle, it was unregulated greed.

    Get over it.

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