* OCTOBER 13, 2009 Regulators Target 'Naked' Access Concerns Over Risk Management of Anonymous, High-Speed Trades BY SCOTT PATTERSON Federal securities regulators are examining whether an arrangement that lets high-speed traders rapidly buy and sell large chunks of stock anonymously could go awry and threaten markets. Called sponsored or "naked" access, the setup allows high-speed firms and other outfits to trade directly on exchanges using powerful computers without the exchanges or regulators knowing who is making the trades. "We understand that some firms are offering so-called naked access without effective controls over financial regulatory risk," said David Shillman, associate director of the Securities and Exchange Commission's division of trading and markets, which is stepping up its scrutiny of the ... http://online.wsj.com/article/SB125539101215281471.html