financial · SEC Reg SCI · CFTC Reg AT · MiFID II RTS 6
Algorithmic Trading
Kill switch override without receipt = market manipulation inference
—SEC Reg SCI + CFTC Reg AT examination cycle
Regulatory exposure — commonly overlooked:
HFT firms prove latency — cannot prove why algo traded at flash crash moment. · Multinationals built for one jurisdiction fail exams in another — one receipt architecture, many filing packs.
TAM / Exposure
$100T+ daily equity volume · algo accountability
Insurance lines
E&O · Crime · D&O
Exhibit authority
Global External Validation — Reg SCI Algorithm Audit Pack
Global leaders
SEC · CFTC · Citadel · Jane Street · NYSE · ISO · NIST · OECD
Flash crash reconstruction
SEC asks decision path in 48h — internal logs challenged as editable.
Reg AT
CFTC algorithm registration requires change control — Velaru is change control receipt.
MiFID II RTS 6
EU equivalence — global banks need one audit primitive.