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ARTICLE · 17 SEPTEMBER 2013

CFTC Concept Release On Automated Systems And Risk Controls

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On September 12, 2013, the Technology Advisory Committee of the Commodity Futures Trading Commission held a public meeting to discuss the CFTC’s recent Concept Release on Risk Controls and System Safeguards for Automated Trading.

United StatesCorporate/Commercial Law
Paul M. Architzel
Paul M. Architzel
Dan M. Berkovitz
Dan M. Berkovitz
Jonathan Cedarbaum
Jonathan Cedarbaum
Andre Owens
Andre Owens
Elizabeth Mitchell
Elizabeth Mitchell
Stephen Luparello
Stephen Luparello
Petal Walker
Petal Walker
Rebekah Goshorn
Rebekah Goshorn
Alexander Jadin
Alexander Jadin
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On September 12, 2013, the Technology Advisory Committee ("TAC") of the Commodity Futures Trading Commission ("CFTC" or "Commission") held a public meeting to discuss the CFTC's recent Concept Release on Risk Controls and System Safeguards for Automated Trading ("Concept Release" or "Release").1 Below are brief summaries of both the Concept Release and discussions held during the TAC meeting. We will provide a more comprehensive analysis of the Concept Release in the near future. 

CONCEPT RELEASE

The CFTC published the Concept Release against the backdrop of significant changes in the markets for futures and derivatives, including several highly publicized market disruptions. In the Release, the Commission noted the transition in recent years from human-centered trading venues, such as commodity trading pits, to highly automated and interconnected trading environments. Specifically, modern markets are now operated by a combination of automated trading systems

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