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SEC, CFTC Vow to Make Needed Reforms After Dow Plunge; Lawmakers Want Answers

May 10, 2010 in Securities Regulation & Law Report · Leave a Comment 

The Securities and Exchange Commission and the Commodity Futures Trading Commission May 7 vowed to make “whatever structural or other changes” are necessary to ensure that the previous day’s record market volatility does not recur.

On May 6, the Dow Jones Industrial Index plunged almost 1,000 points—the largest percentage intraday loss since 1987, and the largest intraday point drop in history. Preliminary reports suggested that erroneous trades might have been exacerbated by high-speed and high-volume automated trading systems.

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