Washington, D.C. • the may crash raises 6 exchanges flash questions whether brokers and dealers place new rules for the management and disclosure orders, commodity futures trading Commission of Chairman Gary Gensler said Monday.Gensler at a Conference, said broker with computer algorithms that might need to face limits on price or size of orders for clients can be performed. He questioned whether market players could benefit "fuller visibility" exchanges order Bücher.das commodity futures trading Commission and the Securities and Exchange Commission said in a report last week, which helped offset a large dealer attempt to protect against losses chain of events, the Dow Jones industrial average down 998.50 points on May 6 sent. "The dealer who tried to sell 75,000 futures contracts valued at $ 4.1 billion, uses an algorithm that was without regard to price and time."The large customers did not execute the trade itself, but uses an executing broker ", Gensler said on wholesale of marker brokers ' Association meeting." The event raises questions about whether broker "should have certain trade practices during accept a large order," he said.Participants in the futures market only "see the tenth offer or an order book, bid" Gensler said. Liquidity not have been so "overwhelmed" by a single, large sell order may have, if traders he had greater transparency said.Neither Gensler, nor the regulators Oct. 1 report with the name of the seller of the so-called E-mini Futures at the standard & poor's 500 Index.The company bound is Waddell & Reed Financial Inc., according to two people with knowledge of the findings of the report. Overland Park, Kansas mutual funds company said the market usually orders of size can accommodate it initiated.The trade could be not treated, because it not parties willing to buy the order and keep it for longer, said Gensler.
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