The Dow Jones stock index plummeted nearly 900 points in a matter of minutes last May in a "flash crash" that frayed the nerves of traders on Wall Street. Five months later, federal agencies fingered computer algorithm-based trading as the primary culprit of the crash and vowed to step up oversight. Officials at the Securities and Exchange Commission (SEC) went through more than 1,000 applications and found five algorithm experts they wanted to bring on board to provide expertise in the technology.
Now they just need the cash to hire them.
The budgets of the SEC and the Commodities Future Trading Commission (CFTC) remain locked at fiscal 2010 spending levels, thanks to the continuing budget resolution passed by Congress in December, even though the workloads for both agencies have increased exponentially since the "flash crash" occurred.