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UK banks must have risk controls, accountable managers for algo trading, PRA proposes

( February 12, 2018, 10:37 GMT | Official Statement) -- MLex Summary: UK banks and investment firms must test their trading algorithms and apply risk controls on the automated buying and selling programs, under a proposal from the Bank of England’s Prudential Regulation Authority. They also must name senior managers who would be accountable for any wrongdoing, under the PRA rule proposal, which accompanies a report by the Financial Conduct Authority today on oversight of computer-driven trading.The text of the statement follows. Click the attachment at bottom for the full document....

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