Chicago Fed calls for better risk controls on high-speed trading (Reuters)

* Says more controls would have helped contain losses from Knight glitch

* Finds firms fail to implement many risk controls in name of speed

* Calls for automated risk controls at every step in trade’s life cycle

Sept 17 The increasing number of technological snafus at exchanges and trading firms highlights the need for more stringent risk controls at all levels of the high-speed trading cycle, the Federal Reserve Bank of Chicago said on Monday.

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