The Big “FIX”:

After last Thursday’s huge 15 minute plunge, major exchanges on Monday agreed with regulators to bolster their circuit breakers.

Changes to circuit breakers, or temporary pauses in trading to allow buyers and sellers to collect themselves in fast-moving markets, are expected following the Securities and Exchange Commission’s meeting with the leaders of the six main exchanges, including the New York Stock Exchange, Nasdaq, BATS, Direct Edge, International Securities Exchange and Chicago Board Options Exchange.

Although details of the proposed curbs were not provided, the SEC said in its statement that the parties agreed on a “structural framework” for “strengthening” circuit breakers and handling incorrect trades. Further meetings will be held today.

The NYSE declined to comment. The Nasdaq, in an e-mail, said it had a productive meeting with the SEC. Having the exchanges agree upon and use the same standards of when to slow down trading could help prevent the market turbulence that caused stocks to go into an unusual free fall last Thursday, market observers say. The Dow Jones industrial average plunged 999 points in 30 minutes only to largely bounce back.

The fact the NYSE was slowing down trades in some stocks, while other all-electronic exchanges were still conducting high-speed computerized trades in those same stocks, caused some orders to be routed to exchanges with fewer orders. That resulted in erratic prices.

While exchanges have gone electronic, which allows for rapid trading, rules to hold markets in check have not kept pace.

Circuit breakers can be helpful in allowing investors to gather breaking news so they can make informed decisions, says Michelle Clayman of New Amsterdam Partners. “Circuit breakers do seem to work,” she says.

Whether or not these corrections will prove helpful in preventing further “out-of-control” crashes remains to be seen. In all of this turmoil the only reality is that the trading systems proved vulnerable.