The Securities and Exchange Commission and the Financial Industry Regulatory Authority proposed rules that would provide a sort of circuit breaker for the financial market in an effort to prevent a repeat of the May 6 "flash crash." However, an industry expert warned that the proposal does not go far enough. "There are two levels of rules and circuit breakers you need," said Frederic Ponzo, managing partner at trading-technology consultancy GreySpark. "The first is to protect the marketplace as a whole from massive swings." Ponzo also called for "common laws applied to all market operators and liquidity venues, enforcing protection of the matching engines' ability to perform their business."
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