In a speech at the SIFMA Tech Conference, Associate Director Berman discussed how the Flash Crash of May 5, 2010, motivated the SEC to initiate the MIDAS project. After significant input from vendors, MIDAS was designed to enable the SEC to readily collect and analyze all trade and quota data from the public tapes for equities. Berman further explained that the potential uses of MIDAS are numerous but can be broken down generally into three categories:
- Real-time monitoring of market activities;
- Forensic analysis of market events; and
- Market structure research that can more fully inform substantive policy decisions.
Click here to read Berman’s speech in full (links externally to SEC website).