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US SEC proposes rules to bolster stability and reduce trade errors

WASHINGTON -- U.S. securities regulators proposed new rules on Thursday that would require exchanges and clearing agencies to be better prepared to handle major market disruptions spurred by issues such as technology glitches or hurricanes.

The unanimous decision by the U.S. Securities and Exchange Commission to put the proposal out for public comment comes in response to a series of high-profile incidents last year involving technology glitches, from Nasdaq OMX Group Inc.'s botched handling of Facebook Inc.'s initial public offering to Knight Capital Group Inc.'s US$440 million trading loss and near-bankruptcy.

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