STA welcomes the opportunity to comment on the recommendations made by the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues (the “Committee”), in response to the Market Events of May 6, 2010. In its report, the Committee made 14 recommendations for the SEC and CFTC (the “Commissions”) to consider in addressing the events of May 6, 2010, also known as the “flash crash”. STA has long held the position that markets evolve and the events of May 6, 2010 create an opportunity to review the progress of that evolution. STA believes the Committee correctly considered an extensive list of market structure issues and did not focus solely on micro market structure issues in making its recommendations.

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