Why Regulators Fail - The American Spectator | USA News and Politics
Why Regulators Fail
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From a Reuters report on a CTFC meeting discussing high-frequency trading, emphasis mine:

The CFTC’s arcane technology has been outpaced by the state-of-the-art hardware and software used by the traders it polices. It finds itself grappling with the complexities of sub-millisecond trades and terahertz processors as technology becomes an even more vital component of the futures and derivatives markets.

The futures regulator still relies on fax machines to receive some trade information, an anachronism it can no longer afford as it grapples with a five-fold surge in U.S. futures trading volume over the past decade and prepares to take oversight of even larger over-the-counter derivatives markets.

Hat tip: Planet Money

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