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U.S. SEC chief vows to search for market plunge cause

05-12-2010 09:01 BJT

WASHINGTON, May 11 (Xinhua) -- U.S. Securities and Exchange Commission Chairwoman Mary Schapiro said Tuesday that last week's stock market plunge was "unacceptable," and the regulators were searching for the cause.

"The markets failed many investors on May 6, and I am committed to finding effective solutions in the very near term," said Schapiro in written testimony to the House Subcommittee on Capital Markets.

She said that regulators haven't yet found evidence of a single cause for the plunge, noting neither the SEC or the exchanges have uncovered evidence of an erroneous "fat finger" trade.

"While we cannot yet definitely rule that possibility out, neither our review nor reviews by the relevant exchanges and market participants have uncovered such an error," said the SEC chief.

According to her, the regulators haven't found any unusual trading in Proctor & Gamble Co's shares, which tumbled during the market plunge.

Moreover, they have not "identified any information consistent with computer hacker or terrorist activity," said Schapiro.

"Ultimately, we may learn that the extraordinary disruption in trading, however it may have been triggered, was the result of a confluence of events which, taken together, exacerbated what already had been a down day and led to an extraordinarily steep price drop and recovery," she said.

"The Commission is considering a number of proposals that will address key issues raised on May 6 and we will move expeditiously to address all issues we determine caused or contributed to those events," she added.

Editor:Zhang Jingya |Source: Xinhua

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