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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bania's picture

"There are simply too many quotes!"

James_Cole's picture

“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!

Stackers's picture

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

wintermute's picture

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

Cognitive Dissonance's picture

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

/peak sarc

just-my-opinion's picture

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

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.

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!

ZippyBananaPants's picture

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

Tenshin Headache's picture

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

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.....

Al Capowned's picture

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

 

BlindMonkey's picture

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

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.

Tenshin Headache's picture

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

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.

kurt's picture

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

Everybodys All American's picture

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

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? 

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!!!

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

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.

insanelysane's picture

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

ReactionToClosedMinds's picture

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

Godisanhftbot's picture

 Peak idiocy was Bitcoin 1200.

 

 Nothing the SEC can do to top that

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.