Comment Text:
The Honorable Timothy G. Massad, Chairman
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
202-418-5000
202-418-5521, fax
202-418-5514, TTY
E-mail: [email protected]
Re: Comments on Regulation AT (Automated Trading)
Dear Chairman:
Americans for Financial Reform (“AFR”) commented on the Commodity Futures Trading Commission (“CFTC” or “Commission”)’s Proposed Rule on Regulation Automated Trading (“Proposed Rule”).
As the Proposed Rule points out, CFTC-regulated markets have transitioned from a manual to an overwhelmingly automated trading environment, in which orders are generated, transmitted, executed, and confirmed by algorithmic computerized systems. This development brings significant new risks of market disruption as well as investor exploitation through predatory trading. A few of the most prominent disruptions, such as the 2010 ‘Flash Crash’ or the October 15, 2014 events in the Treasury market, have received most of the media attention. But in a recent speech you presented evidence of dozens of significant market disruptions in CFTC-regulated futures and derivatives markets over the past several years.
Re: Full comments:
http://ourfinancialsecurity.org/2016/03/letter-to-regulators-afr-calls-for-tougher-automated-trading-rules/
Please give these comments the weight they deserve.
Thank you for the opportunity to bring these comments to your attention.
Yours sincerely,
Robert E. Rutkowski
cc: House Minority Leadership
2527 Faxon Court
Topeka, Kansas 66605-2086
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E-mail: [email protected]
