Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency needs "to explore whether bids and orders should be regulated on speed so there is less incentive to engage in this microsecond arms race that might undermine long-term investors and the market's capital-formation function. The markets have to serve that function for companies to raise money, create jobs and allow the economy to grow." The move is a response to the May 6 "flash crash" and an increase in electronic trading.

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