Canadian regulator urges fellow regulators to use technology to monitor trading risks
October 6, 2011 - Global regulators should use technology to collect data on events such as the "flash crash" and use that information to regulate trading risks, according to the head of Canada's self regulatory agency.
Susan Wolburgh Jenah, president and chief executive officer of the Investment Industry Regulatory Organization of Canada told an audience of financial professionals on Wednesday that IIROC used the data collected by its surveillance platform during the flash crash to inform its policymaking. . "The challenge when something like that happens is really to understand what it means. The ability to have the regulatory feeds from all the markets coming into one centralised [view] enabled us to monitor trading activities and draw conclusions. More importantly it helped to suggest a roadmap for reforms that could help in the future," said Wolburgh Jenah who was speaking at the Canada-U.S Securities Markets Summit. The event was organized by the Securities Industry and Financial Markets Association.