Brokers are fretting unnecessarily, says Steward

The broker community is unnecessarily fretting over proposals by Hong Kong’s SFC to impose new risk-control rules on algo trading, the regulator’s Mark Steward has assured a forum. Speaking at the Trading Architecture Asia event in the city late last week, the executive director for the SFC's enforcement division notes that brokers will only be held liable for sending an aberrant algorithm to the market if they had “a high degree of knowledge” about the client’s trading intent. …