Market Oversight will conduct inspections of equities exchanges to determine the types of orders available and the internal governance process around how order types are proposed, implemented, and monitored post - implementation.And this is only coming after what would be considered a generous grace period for the informing of the general public through Scott Patterson at WSJ back in September using Haim Bodek as a guide. This won't be a small team either. It'll be one of those epic "big teams" that Gregg Berman loved to talk about in Money and Speed:
We developed and deployed a multi-divisional, cross-functional team, a big team…basically consisting of every division at the SEC.And this "new shit" the "big team" discovered at a time (May 6, 2010) when the general public and even a stretch of Prop houses and Investment houses didn't know what HFT was, what it meant, who and what was good about it, bad about it, can be found here and subsequently correctly refuted by Nanex here and here. All anyone could do was assume the flash crash was computer generated. It happened so fast.
Yet when the big team looked into this event everyone knew happened very quickly, we were met with an agency that claimed what happened inside of second in the financial markets would only create noise and distort investigations, listen here. as Berman distorts reality and claims that the flash crash happened on the second and one minute level and they aggregated the quote/trade data which resulted in a report which carried the same level of credibility as a middle school research report. So we'll see what the SEC actually releases to us, as the level of detail they release is the "level of detail they are legally allowed to go into".
Again, we'll wait and see if the SEC decides to bite or if it will continue to just bark from the corners of the 1980s trading world.