Financial Times: MMI Member Mark Gorton Calls for Better Exchange-Level Risk Controls

Financial Times’ Robin Wigglesworth features MMI Member Mark Gorton, the founder and head of Tower Research Capital.  “The recent evolution of markets from manual to electronic trading has had huge benefits and investors save money every day due to the lower cost of trading. But electronic trading brings with it a number of new risks, and we need to continue to strengthen the resiliency of electronic markets,” Mr. Gorton told the Financial Times. He highlighted the lack of a centralized position-tracking mechanism for the US stock market, the need to refine and synchronize market circuit-breakers between highly correlated markets, such as cash equities and futures, and the absence of clarity over what it takes for trades to be declared invalid.