It ain’t rocket science, or is it?
You don't have to be a rocket scientist to work at the Australian Securities and Investments Commission (ASIC) but, apparently, it helps.
Outsider was astonished to hear the "sage of Sydney", ASIC chairman, Greg Medcraft, revealing to Senate Estimates this week that the regulator was employing rocket scientists to counter those technological knaves devising the algorithms that give rise to high frequency trading.
Outsider sometimes thinks a Hansard transcript can do better justice to a story than Outsider can himself so, enjoy:
Mr Medcraft: We will take direct action to reveal an algorithm. We now employ rocket scientists at ASIC. We have to be as good as them in terms of technology.
Senator Canavan: Absolutely.
Mr Medcraft: We will review an algorithm as well, although we require constant review of algorithms.
Senator Canavan: How many rocket scientists do you employ?
Mr Medcraft: We have one at the moment.
Senator Canavan: One!
Mr Medcraft: We only need one to build a rocket - right!
Ms Armour: We do have a team.
Senator Canavan: A team of rocket scientists!
AUTHOR
The Outsider
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
