Senior executives at the US derivatives exchanges were called to meetings with the country’s financial regulators on Monday May 11 as politicians began a specially convened Congressional hearing to examine the roots of last week’s market turmoil, initially blamed partly on a trading glitch or ‘fat finger’ error.
As political pressure on the US financial watchdogs continued to mount, the Securities and Exchange Commission and the Commodity Futures Trading Commission convened separate meetings to discuss the “causes of Thursday’s (May 6) market events, the potential contributing factors, and possible market reforms”.
Executives from...