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US SEC needs bigger budget to police trading, chair says

Published on Apr 2, 2014 3:38 AM

WASHINGTON (REUTERS) - The US 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 US 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.

The SEC is seeking a US$1.7 billion (S$2.14 billion) budget for fiscal 2015, up from its current budget of US$1.35 billion.

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