Securities and Exchange Commission Chairman Mary L. Schapiro declared Friday that the Wall Street firms her agency is supposed to watch and prevent from disrupting increasingly high-speed digitally driven markets spend far more on technology than the SEC has at its disposal for all its functions.
“A number of the financial firms we regulate spend many times more each year on their technology budgets alone than what we spend on our total operating costs,” she said to the Practising Law Institute in Washington.
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