Watching the U.S. Senate’s the Permanent Subcommittee On Investigations Hearing: Conflicts of Interest, Investor Loss of Confidence, and High Speed Trading in U.S. Stock Markets
Senator Ron Johnson: “Where do you get your data?” (in referring to the analysis of order execution costs)
Robert H. Battalio, Professor of Finance, University of Notre Dame: “From a major ibank (investment bank). We don’t have detailed/good data.”
Dr.K: Regulators/policy makers should have a record of all the transactions in financial markets so that their natural duty of ‘market oversight’ is easier to handle. In that case, academic researchers and regulators won’t have difficulty answering questions ‘what happened?’.
Senator John McCain: “Michael Lewis in his excellent book and 60 Minutes interview said markets are rigged. Are they?”
Bradley Katsuyama, President & CEO of IEX Group, Inc: Word ‘rigged’ may be used to describe markets.
Dr.K: Best marketing campaign for IEX exchange.