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."

There is nothing we can add to this.

Source: Bloomberg