The U.S. Securities and Exchange Commission needs more money to properly police equity markets and detect potential misconduct, especially in a world of rapid-fire trading, SEC Chair Mary Jo White told lawmakers on Tuesday.
"We... have focused intensively on potential misconduct in the equity markets," White told a U.S. House of Representatives appropriations panel in prepared testimony.
"But detecting misconduct in constantly evolving securities markets, including as a result of the growth of algorithmic, automated trading and 'dark pools,' requires substantial resources," she added. [Reuters]