Federal regulators on Wednesday proposed new requirements for brokerage firms aimed at reining in risk from their trading customers who get split-second access to markets to buy or sell stocks.
The Securities and Exchange Commission voted 5-0 to open the proposal for public comment for 60 days.
At issue is so-called "unfiltered" or "naked" sponsored access, in which brokerages that are approved to trade on exchanges rent out their access to them to unregulated clients such as high-frequency traders. They use mathematical models to exploit market imbalances and minute price differences.
SEC officials said an estimated 38 …
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