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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology US targets computer trades after stock market meltdown AFP - Wednesday, May 12 Send IM Story Print A stock specialist watches prices at his post on the floor just after the opening bell at the New York Stock Exchange. US lawmakers spooked by last week's stock market meltdown pressed for new rules Tuesday to prevent ultrafast computer trading from prompting an economic "doomsday." WASHINGTON (AFP) - – US lawmakers spooked by last week's stock market meltdown pressed for new rules Tuesday to prevent ultrafast computer trading from prompting an economic "doomsday." Hearing inconclusive evidence about the causes of last Thursday's historic near 1,000-point drop on the Dow Jones Industrial Average, lawmakers trained their sights on electronic trading blamed for speeding the sell-off. Mary Schapiro, chair of the Securities and Exchange Commission, told lawmakers no single trigger for the sell-off had been uncovered, but watchdogs were moving to improve "circuit breakers" that would limit future losses. Schapiro told the House capital markets subcommittee that a trading error, computer glitch or even cyber-terrorism had not been ruled out, but the slump was likely caused by "multiple contributing events." In the meantime, she said, new measures were needed to slow down trade during a sell-off, allowing investors to override computer generated sales that are thought to account for anywhere between 60-80 percent daily transactions. In the race to gain a competitive advantage, Wall Street has invested billions of dollars in high-tech machines that can trade thousands of stocks in a fraction of a second. Algorithms are frequently used to buy or sell shares at a certain trigger points, to limit losses or seek new profits. Schapiro said that during Thursday's bone-shaking 10-minute drop computers caused "valuable stocks" to be traded for a penny, as automated trading systems followed "their coded logic regardless of outcome." "Human involvement likely would have prevented these orders from executing at absurd prices," she said. The committee's chairman, Congressman Paul Kanjorski, led the charge for new rules to protect ordinary investors and restore market confidence. "The ascendancy of computerized trading and automated exchanges in our capital markets appears to have created a plot as intriguing as 2001: A Space Odyssey," he said. "A ghost-in-the-machine scenario in which an enormous computer sell-off sparks a vicious cycle of selling and panic seems completely plausible." "To thwart this doomsday hypothetical, regulators must act with great speed and great care to promulgate new rules." A senior representative from the New York Stock Exchange warned lawmakers that fragmented electronic markets, which allow traders to jump from one exchange to another at mind-bending speed, were also partially to blame. The NYSE had slowed down trade on Thursday in an effort to halt the decline, but it proved futile. Traders simply moved onto other electronic platforms without so-called "speed bumps" and continued the sell-off. More than 40 market centers are currently linked, allowing equities listed on one exchange to be traded via another at certain times. "We strongly support competition in the equity markets, but competition among traders has also resulted in market fragmentation," Larry Leibowitz, the New York Stock Exchange's chief operating officer said in prepared testimony. His stock market has had a very public spat with the Nasdaq, which allowed trade to continue largely unabated on Thursday and accused the New York Stock Exchange of "walking away" from the market. Despite markets recovering much of Thursday's loss, the trillion-dollar sell-off sent waves of panic across global markets and left President Barack Obama vowing to investigate the "unusual market activity". Schapiro and Commodities Futures Trading Commission chairman Gary Gensler are now heading a panel to identify emerging regulatory risks. "The first item on the committee's agenda is conducting a review of last Thursday's market events and making recommendations related to market structure issues that may have contributed to the volatility," they said in a statement. The Treasury Department said it expected "interim findings and recommendations by early next week" according to spokesman Andrew Williams. 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