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Schapiro, an
independent, was joined by the two Republican commissioners, Troy Paredes and Daniel Gallagher, in supporting the rule. Democratic members Elisse Walter and Luis Aguilar voted against it. They expressed concern that the requirements for a new tracking system had been weakened from the SEC's original proposal made in late May 2010. The proposed rule called for securities markets to report trading information to the central database in real time. In the final rule, they must submit the data by 8 a.m. Eastern the next trading day. In a statement, Wall Street's biggest lobbying group, the Securities Industry and Financial Markets Association, called the new version "a more manageable and cost-effective approach." Regulators eventually determined that the flash crash occurred when an investment and trading firm executed a computerized selling program in an already-stressed market. The firm's trade, worth $4.1 billion, touched off a chain of events that ended with investors swiftly pulling their money from the stock market. SEC officials said the new system also would help track insider trading.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
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