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SEC Hits Peak Idiocy

Tyler Durden's picture




 

We never thought it could happen: the day when the idiocy of the SEC would reach its absolute zenith so that it would never again be surpassed. It happened.

The SEC still hasn’t introduced many rules aimed specifically at high-frequency traders. Some commissioners are getting restless. “The perception for many is that the markets aren’t fair for the average investor,” says Republican Commissioner Daniel Gallagher, who has repeatedly called for the agency to review its trading rules since 2012. “Even if that’s not supported by the facts, that perception is a reality that we need to address as soon as possible.” Speaking to reporters on April 8, Democratic Commissioner Kara Stein said the SEC needs new rules to keep pace with the changing market: "A lot of our rules were written for people and not necessarily for computers."

There is nothing we can add to this.

Source: Bloomberg

 

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Thu, 04/10/2014 - 19:06 | 4645427 bania
bania's picture

"There are simply too many quotes!"

Thu, 04/10/2014 - 19:20 | 4645491 James_Cole
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“The perception for many is that the markets aren’t fair for the average investor,” says Republican Commissioner Daniel Gallagher, who has repeatedly called for the agency to review its trading rules since 2012. “Even if that’s not supported by the facts, that perception is a reality that we need to address as soon as possible.” 

Heaven forbid people get the wrong impression!

Thu, 04/10/2014 - 19:28 | 4645522 Stackers
Stackers's picture

Skynet became self aware at 2:14am on August 29, 1997

Thu, 04/10/2014 - 20:02 | 4645661 wintermute
wintermute's picture

Only in BIG Government where no one takes responsibility for anything - does this make sense

Thu, 04/10/2014 - 19:06 | 4645430 Cognitive Dissonance
Cognitive Dissonance's picture

Dude! Computers don't hurt stock market trading, people do.

/peak sarc

Thu, 04/10/2014 - 19:12 | 4645462 just-my-opinion
just-my-opinion's picture

Well then....throw those code writers in jail

Thu, 04/10/2014 - 21:36 | 4645896 zarjad
zarjad's picture

You're so wrong, CD. It's so clear that we need diferrent rules for people with computers, fingers, calculators and abacuses. Ass a matter of fact, we need separate SEC division focusing on each of those calculation machines. They should spend a good amunt of time making sure their actions are well coordinated though. That would be good for few conferences a year in good spots.

Thu, 04/10/2014 - 19:15 | 4645446 ebworthen
ebworthen's picture

Well, the Supine Court ruled that Corporations are individuals, so the S.E.C. should have no problem there.

Unless they don't intend to do anything about anything other than hold press conferences and show up at a desk.

p.s. - ZH used on R.T. News tonight, calling out the "empty shelves" picture used by the MSM supposedly from Ukraine but with dollar signs on the shelves (actually a pic from Manhattan), LOL!  Go ZH!

Thu, 04/10/2014 - 19:13 | 4645470 ZippyBananaPants
ZippyBananaPants's picture

That's like saying if I shit my pants in a crowded restaurant, no one would smell it!

Thu, 04/10/2014 - 19:15 | 4645479 BlindMonkey
BlindMonkey's picture

Ewwww. Really???

Thu, 04/10/2014 - 19:13 | 4645471 Tenshin Headache
Tenshin Headache's picture

At least they figured out how to watch porn on the darn things.

Thu, 04/10/2014 - 23:16 | 4646214 Offthebeach
Offthebeach's picture

It was reported that last week The SEC had heard about, "Bloomberg Terminals". They're going to form a investigate task force to get to the bottom of these Bloombergs.....

Thu, 04/10/2014 - 19:15 | 4645477 Al Capowned
Al Capowned's picture

The SEC became self aware on the 11/04/2014. The fight against the machines had begun

 

Thu, 04/10/2014 - 19:21 | 4645497 BlindMonkey
BlindMonkey's picture

The SEC being self-aware amuses me. I envisionost of them unable to find their collective asses with 2 hands.

Thu, 04/10/2014 - 19:29 | 4645530 Winston Churchill
Winston Churchill's picture

Morons are also self aware.

Thu, 04/10/2014 - 19:17 | 4645484 Kaiser Sousa
Kaiser Sousa's picture

Rigged.

Thu, 04/10/2014 - 19:24 | 4645513 Aussiekiwi
Aussiekiwi's picture

It will be the usual, lots of meetings so the back handers and future employment deals can be done, no prosecutions, a little bit of tweaking of the rules, but not so much as to remove the advantage of the HFT traders, then a big announcement of how successful they have been in restoring a level playing field to traders. If caught out in a few years, rinse and repeat.

Thu, 04/10/2014 - 19:26 | 4645518 Father Lucifer
Father Lucifer's picture

Peak SEC

Thu, 04/10/2014 - 19:28 | 4645528 Tenshin Headache
Tenshin Headache's picture

No, that was in the 1980's. It's been downhill since then.

Thu, 04/10/2014 - 19:27 | 4645524 NOTaREALmerican
NOTaREALmerican's picture

Re:  the day when the idiocy of the SEC would reach its absolute zenith so that it would never again be surpassed

Darth Vader: You underestimate the power of the bullshit, young Skywalker.

Thu, 04/10/2014 - 19:31 | 4645546 kurt
kurt's picture

So, like, please do an extensive study to check for drugs, environmental contaminents, traces of materials that make people stupid.

Thu, 04/10/2014 - 19:43 | 4645595 Everybodys All ...
Everybodys All American's picture

Close the SEC for the shear stupidity of this comment alone.

Thu, 04/10/2014 - 19:49 | 4645612 medium giraffe
medium giraffe's picture

This is the SEC, as in the 'Securities and Exchange Commission', and not the 'Securities Exchange Company', right?  We're sure about this? 

Thu, 04/10/2014 - 20:38 | 4645743 SillySalesmanQu...
SillySalesmanQuestion's picture

The Supremes ruled that "corporations are people"....why can't computers, algorithims and high speed cable be people too?

 

                  FUCK THE SEC!!!

Fri, 04/11/2014 - 02:06 | 4646478 litemine
litemine's picture

Then if a Company puts it's trust into a computer, a flash crash, even due by a disgrunteled employee need to be bonded. thus charging for the risk. 

Not backstopped by anyone IE: taxpayers

Thu, 04/10/2014 - 21:31 | 4645874 Radical Marijuana
Radical Marijuana's picture

It is probably too optimistic to believe that this is already Peak Idiocy, that could not be surpassed. This kind of Peak Idiocy is more likely just another one of the little foothills of the mountain range of Peak Insanities that we are approaching ...

The future is not only going to be

more insane than we suppose, but,

more insane than we could suppose.

Thu, 04/10/2014 - 21:39 | 4645905 insanelysane
insanelysane's picture

So the govmint can prosecute hackers stealing via computers but the govmint can't prosecute HFTers stealing via computers???

Thu, 04/10/2014 - 23:41 | 4646272 ReactionToClose...
ReactionToClosedMinds's picture

anything  to avoid Jon Corzine.   It stinks I say, it stinks

Fri, 04/11/2014 - 00:42 | 4646387 Godisanhftbot
Godisanhftbot's picture

 Peak idiocy was Bitcoin 1200.

 

 Nothing the SEC can do to top that

Fri, 04/11/2014 - 06:47 | 4646659 RealityCheque
RealityCheque's picture

Unfucking-believable.

By that token they should all resign today and fold the organisation, given that it is - in their own words - not fit for purpose.

Fucking retards. 

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