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07-13-2010

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CFTC Launches Technology Advisory Committee

John Bates
07-13-2010 09:57 PM
Yesterday the CFTC, the regulator in charge of Futures and Optionsmarkets, announced details of a new Technology Advisory Committee (TAC), chaired by thevery capable Commissioner Scott O'Malia. See article here:

http://www.reuters.com/article/idUSN126207520100712

I am absolutely delighted to be included in the group of expertsthat the CFTC has called together to form the TAC. I am joined by anextraordinary group of some of the industry's top executives from banks,brokers, trading firms, exchanges and clearing firms as well as some veryimpressive academics. On Wednesday, July 14th (tomorrow as I write) we willmeet to discuss the impact of high frequency and algorithmic trading on themarkets, including whether algorithms may be implicated in the May 6th 'flashcrash'. From this, we'll discuss what recommendations we have for regulation ofand/or best practices for algorithmic and high frequency trading.

High frequency and algorithmic trading are essential for efficientexecution and alpha generation in a complex, multi-asset, fast-moving world. However,there are a number of accusations that have been made against these forms oftrading, including that they may aggravate volatility and may even have causedthe �flash crash'. I believe evidence from the TAC participants will exoneratethe accused.

I am hoping that our meetings will result in solutions that not onlyhead-off future �flash crashes', but also help exchanges, banks and brokers tobetter monitor and police trades. The proactive use of real-time monitoringsystems can alert regulators to problems before they become a crisis.Monitoring technology can 'see' major price and volume spikes in particularinstruments, how often they happen and maybe even why, and whether a pattern inmarket behavior caused them. It can also tell how much trading is potentially marketabuse, for example, insider trading might be detected by correlating unusualtrading incidents with news releases and market movements. (The FSA, forexample, thinks that 30% of trading around acquisitions is insider.)

It is now possible to apply high frequency techniques to not justtrading - but also to market monitoring, surveillance and pre-trade risk checks- for regulators, exchanges and brokers. The technology is out there (withproven approaches built on next generation platforms such as CEP) and itneedn't be expensive. The CFTC's TAC is a positive step in the right direction.I look forward to the meeting and will let you know how it goes! Follow me onTwitter @drjohnbates where I'll Tweet when possible.

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LEARN ABOUT NETBSD

sdtemp

SDTEMP(4)						   BSD Kernel Interfaces Manual 						 SDTEMP(4)

NAME

     sdtemp -- JEDEC JC-42.4 compatible memory module temperature sensors

SYNOPSIS

     sdtemp* at iic? addr 0x18
     sdtemp* at iic? addr 0x19
     sdtemp* at iic? addr 0x1a
     sdtemp* at iic? addr 0x1b
     sdtemp* at iic? addr 0x1c
     sdtemp* at iic? addr 0x1d
     sdtemp* at iic? addr 0x1e
     sdtemp* at iic? addr 0x1f

DESCRIPTION

     The sdtemp driver provides support for the Microchip Technology MCP9805/98242 and other chips that conform to JEDEC Standard 21-C section
     4.7.  Memory module temperature sensors are optional on DDR2 and DDR3 SDRAM DIMMs.  Sensors provided by this driver, including the on-chip
     thresholds for the Alarm Window and Critical level, are accessed through the envsys(4) API.

     The sdtemp supports temperature ranges from -256 to +255 degrees C.

     Chips supported by the sdtemp driver include:

	   o   Catalyst CAT34TS02 and CAT6095

	   o   Analog Devices ADT7408

	   o   Integrated Deviced Technology TSE2002B3 and TSE3000B3

	   o   Maxim MAX6604

	   o   Microchip Technology MCP9805, MCP9843, MCP98242, and MCP98243

	   o   NXP Semiconductors SE97 and SE98

	   o   STmicroelectronics STTS424 and STTS424E

SEE ALSO

     envsys(4), envstat(8)

HISTORY

     The sdtemp device appeared in NetBSD 6.0.

BUGS

     Interrupt support is unimplemented.

BSD
								  January 8, 2011							       BSD