Fed’s Quarles backs light-touch regulation on machine learning
SEC’s “circuit-breaker” can act as model for regulating innovative tools – Fed vice-chair
The Federal Reserve’s financial stability chief has advocated a method of regulating machine learning tools that gives room for innovation while setting boundaries.
Randal Quarles, vice-chair for supervision, said there were ways for “traditional regulatory processes” to be used on innovative financial tools, “to avoid stepping too much on innovation”.
He cited “circuit breaker”, implemented by the Securities and Exchange Commission. This halts market trading once prices move outside certain
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