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Exchanges Offer Proposals to SEC to Strengthen Infrastructure

Several of the major U.S. exchange operators on Tuesday said they have agreed to a series of proposals aimed at improving the infrastructure of markets. The proposals come after a run of recent breakdowns--two at Nasdaq and one at NYSE. Following the glitches, the Securities and Exchange Commission in September set a 60-day deadline for exchanges to strengthen their technology, and exchange executives have since brainstormed ways to build better backup systems. The agreement announced Tuesday includes "proposals designed to improve operational resiliency, strengthen interoperability standards and disaster recovery capabilities, enhance governance, accountability and transparency, and establish a clear testing framework for the industry," according to a press release from the exchanges and the SEC. The agreement also addresses improvements to critical infrastructure, trading halts and breaking of trades. The groups added they are still working on a proposed common "kill switch" to prevent market disruption. The exchange operators came together at the request of SEC Chairwoman Mary Jo White, who said in September that exchanges and regulators need to focus on rebuilding confidence that markets will be able to operate in all kinds of trading environments. A potential cooperation between NYSE and Nasdaq grew out of those discussions, the people said. As competition among exchanges and other trading platforms has ramped up in recent years, critics say exchanges have fallen short in their regulatory responsibilities as they seek to lure trading to their systems. Last week, options exchange heads said at an industry conference in Chicago that meetings had been productive, and that they were close to uniform policy on how to handle erroneous trades. Differing rules at the 12 U.S. options exchanges allowed Goldman Sachs Group Inc. (GS) to emerge largely unscathed after it mistakenly issued waves of orders to trade stock-options contracts for prices well off the prevailing market rate. Write to Geoffrey Rogow at geoffrey.rogow@wsj.com and Kaitlyn Kiernan at kaitlyn.kiernan@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Nasdaq Stock Market (NDAQ)
DateTimeHeadline
03/02/201520:04:05Nasdaq Parties Like It's 2000, but More Sedately
03/02/201517:13:44Nasdaq Composite Ends Above 5000 for First Time Since Dot-Com...
03/02/201516:02:37Nasdaq Hits 5000 for First Time Since Dot-Com Era
02/27/201517:18:40U.S. Stocks Slip But Post Monthly Gains
02/27/201515:59:12Monster Beverage Shares Hit High on Strong Overseas Growth--Update
02/27/201514:24:03U.S. Stocks Edge Lower
02/27/201511:57:13U.S. Stocks Pause After GDP Data
02/26/201523:10:27Asian Shares Mixed
02/26/201517:16:29U.S. Stocks End Mostly Lower; Nasdaq Gains
02/26/201515:34:22U.S. Stock Prices Slightly Lower
02/26/201513:26:28U.S. Stocks Slightly Lower
02/25/201521:02:46Three Brooklyn Men Accused of Plot to Join ISIS -- Update
02/25/201519:39:09Apple Throws a Wrench Into Nasdaq's Gearbox
02/24/201511:42:30Singapore Exchange CEO to Leave Firm -- Update
02/23/201517:04:20U.S. Stocks Decline, Mirroring Oil's Resumed Drop
02/20/201510:28:08U.S. Stocks Open Lower
02/20/201508:47:52U.S. Stock Futures Lower

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