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SEC Chair Insists 'The Markets Are Not Rigged'

posted by LaminatorX on Wednesday April 30 2014, @01:04PM   Printer-friendly
from the The-House-Always-Wins dept.

Papas Fritas writes:

US Securities and Exchange Commission Chair Mary Jo White told a US House of Representatives panel that she flatly rejected claims that retail investors are being fleeced by high-frequency traders who can use their speed to jump ahead with buy and sell orders that fetch better prices. "The markets are not rigged," says White. "The U.S. markets are the strongest and most reliable in the world." White's comments to the House Financial Services Committee mark the first time she has directly responded to allegations in Michael Lewis' new book "Flash Boys: A Wall Street Revolt" that high-speed traders are engaged in a form of front-running, in which the firms are able to quickly identify an investor's desire to buy a stock, rush to buy it first and then sell it back at a higher price. The SEC has been reviewing equity market structure issues, particularly following the May 6, 2010 flash crash incident when the Dow Jones Industrial Average sharply plunged before quickly rebounding. Although staff at SEC are considering whether to launch some pilot studies to test different regulatory proposals, there are no immediate plans to issue rules to crack down on high-speed trading or trading in unlit markets. "I want to be very clear that the market metrics suggest that the retail investor is very well-served by the current market structure."

 
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  • (Score: 2) by Geezer on Wednesday April 30 2014, @01:12PM

    by Geezer (511) on Wednesday April 30 2014, @01:12PM (#38079)

    You fill in the blank.

    Starting Score:    1  point
    Karma-Bonus Modifier   +1  
    Total Score:   2  

  • (Score: 5, Funny) by JeanCroix on Wednesday April 30 2014, @02:15PM

    by JeanCroix (573) on Wednesday April 30 2014, @02:15PM (#38108)
    I'm going with "Clapper."

  • (Score: 2) by bugamn on Wednesday April 30 2014, @02:16PM

    by bugamn (1017) on Wednesday April 30 2014, @02:16PM (#38109)

    Potatoes?

  • (Score: 1) by Daiv on Wednesday April 30 2014, @03:03PM

    by Daiv (3940) on Wednesday April 30 2014, @03:03PM (#38137)

    I'll take The Rapists for 200

  • (Score: 2) by Tork on Wednesday April 30 2014, @07:51PM

    by Tork (3914) Subscriber Badge on Wednesday April 30 2014, @07:51PM (#38231)
    Profit?
    --
    🏳️‍🌈 Proud Ally 🏳️‍🌈

  • (Score: 1) by timbim on Wednesday April 30 2014, @09:40PM

    by timbim (907) on Wednesday April 30 2014, @09:40PM (#38263)

    Nagger?

  • (Score: 2) by davester666 on Thursday May 01 2014, @04:11AM

    by davester666 (155) on Thursday May 01 2014, @04:11AM (#38350)

    The markets are not 'rigged' because they are working at the people who designed them intended.

    • (Score: 3, Interesting) by davester666 on Thursday May 01 2014, @04:14AM

      by davester666 (155) on Thursday May 01 2014, @04:14AM (#38351)

      Doh

      The markets are not 'rigged' because they are working AS the people who designed them intended.