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SEC Hits Peak Idiocy
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."
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Source: Bloomberg
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"There are simply too many quotes!"
“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!
Skynet became self aware at 2:14am on August 29, 1997
Only in BIG Government where no one takes responsibility for anything - does this make sense
Dude! Computers don't hurt stock market trading, people do.
/peak sarc
Well then....throw those code writers in jail
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.
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!
That's like saying if I shit my pants in a crowded restaurant, no one would smell it!
Ewwww. Really???
At least they figured out how to watch porn on the darn things.
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.....
The SEC became self aware on the 11/04/2014. The fight against the machines had begun
The SEC being self-aware amuses me. I envisionost of them unable to find their collective asses with 2 hands.
Morons are also self aware.
Rigged.
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.
Peak SEC
No, that was in the 1980's. It's been downhill since then.
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.
So, like, please do an extensive study to check for drugs, environmental contaminents, traces of materials that make people stupid.
Close the SEC for the shear stupidity of this comment alone.
This is the SEC, as in the 'Securities and Exchange Commission', and not the 'Securities Exchange Company', right? We're sure about this?
The Supremes ruled that "corporations are people"....why can't computers, algorithims and high speed cable be people too?
FUCK THE SEC!!!
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
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.
So the govmint can prosecute hackers stealing via computers but the govmint can't prosecute HFTers stealing via computers???
anything to avoid Jon Corzine. It stinks I say, it stinks
Peak idiocy was Bitcoin 1200.
Nothing the SEC can do to top that
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.