Congressional interest in HFT and the Flash Crash has manifested itself in the 113th Congress
both legislatively and in the congressional oversight of the SEC and CFTC. Legislatively, S. 410
(Harkin), H.R. 880 (DeFazio), and H.R. 1579 (Ellison) would levy taxes on various financial
trades, including trades conducted by HFT traders. H.R. 2292 (Markey) would require the CFTC
to provide a regulatory definition of HFT in the derivatives markets it oversees and require those
who do HFT to register with the CFTC.
This report provides an overview of HFT in the equities and derivatives markets regulated by the
SEC and the CFTC. It also examines the Flash Crash of 2010 and the role that HFT may have
played, as well as recent regulatory developments.