WASHINGTON (AP) — The heads of U.S. securities exchanges have agreed to pursue changes intended to limit technical breakdowns and better manage those that occur.
The officials met Thursday with Securities and Exchange Commission Chairman Mary Jo White. White held the meeting just three weeks after a technical outage on the Nasdaq stock exchange shut down trading for three hours.
About a dozen officials participated in the closed-door meeting at SEC headquarters, including the heads of Nasdaq and the New York Stock Exchange. One idea announced after the meeting would be for exchanges to implement "kill switches" that could automatically shut down a firm's trading system. The NYSE has begun work on kill switches.
The exchanges also said they will review their systems and develop plans for stricter standards.