Exchanges Agree To Coordinate Trade Procedures

Law360, New York (May 10, 2010, 6:55 PM EDT) -- Following Wall Street's near-death experience last week, six major stock exchanges agreed Monday to uniform procedures for slowing volatile trading and rescinding erroneous trades.

U.S. Securities and Exchange Commission Chairman Mary L. Schapiro said that a meeting with the heads of the six leading exchanges was “constructive” in getting to the bottom of what caused a nearly 1,000-point drop — and a nearly 700-point comeback — in the Dow Jones Industrial Average in the course of 15 minutes on Thursday, according to an SEC statement....
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