Project Midas 

In a sad state of affairs, the Securities and Exchange Commission has all but confessed their internal inadequacies to oversee portions of the market.

The SEC recently turned to a high frequency trading firm (hft) to teach the agency about rapid-fire trading and offer technology to help combat potential violative activities committed by the hft firms.

In a program entitled Midas, the SEC has enlisted an hft firm, Tradeworx, to provide the the regulator with a computer algorithm that will offer insight into all buys and sells conducted on all 13 securities exchanges.

Will a program developed by a small Red Bank, New Jersey firm with only 45 employees really help solve the SEC’s woes?

 SOURCE: NYtimes.