7/22/2014

Mary Jo White – A stupid woman?


‘Mary Jo White, the SEC chairman, said on June 5 when
announcing initiatives that would increase supervision of electronic traders and dark pools that the stock market is neither broken nor rigged. Individuals are “doing better” now than they did when trading was manual, she said at a conference sponsored by Sandler O’Neill & Partners LP.’ – Bloomberg
 

If you want to know what is a stupid woman, this is one, unless of course she was saying all the above under a different agenda. Obviously she knew what she was saying was stupid but she just had to say it or else…. Dark pools and high frequency trading are under investigation by the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Bureau of Investigation and New York attorney general. Is this woman saying that these agencies are stupid and doing the unnecessary, wasting their time and there is nothing to investigate. What is her agenda?
 

In the same Bloomberg report, ‘“It’s not an open market,” said Sriram Srinivasan, chief executive officer of Wall Street Investment Management in Chantilly, Virginia, and a poll respondent. “People that do not have access to the dark pools are going to lose. And it is nine out of 10 investors that are losing.”’
 

Those who are benefitting from this unfair practice and a rigged market would say they are ‘misunderstood and a target of demagoguery’. What is there to misunderstand when there are unfair advantages and lack of transparency in the way high frequency trading and dark pools are operating?
 

Unfair trading practices, lack of transparency and differential access to information are all forbidden by market rules and regulations. The SEC must provide a fair and level trading field. Traders can be charged for violation of the exchange’s rules and regulations.
 

Why are the Americans so polite and refused to call a spade a spade, a crime a crime? And why is the SEC Chairman still professing that there is nothing wrong with the two practices? The market is not rigged? Of course she is not stupid. The issue is, why is she pretending that something that is not right is right? Would she be renaming the SEC as New York’s Stock Exchange and Casino? The decadence of the American system has reached a state when regulators are prepared to allow people to cheat the system and look the other way. And many silly Asian exchanges are blindly following what the SEC is doing. It is fine for the Americans, it must be fine for us.
 

Heheh, it is fine for all the airlines to fly over Ukraine. The ICAO said so. It should be alright for us to fly there as well.

Kopi Level - Green

4 comments:

Anonymous said...

She is not stupid. She is greedy and selfish, just natural human behaviour born as such. Some can and will change, some will just capitalise on this trait and make it better. And they will be held up as an example of success.

When someone can benefit from a system, they will try to highlight the strong points and depress the weaknesses, to make sure that it will not change so that they can continue to take advantage and protect their way of making money.

This is exactly why there are people so strongly against a change of political leadership right here in red dot.

Matilah_Singapura said...

>> Is this woman saying that these agencies are stupid and doing the unnecessary, wasting their time and there is nothing to investigate.

Who knows? But what she says (i.e. her opinion) -- like all opinion is IRRELEVANT. What counts is what actually IS. These agencies are not necessarily "stupid" per se. They just lumber around, dropping the ball and cocking up. They are definitely not as smart or as quick or as forward thinking, planning and DOing as the young, brilliant geeks who run, engineer and design the HFT and dark pool systems.

>> “People that do not have access to the dark pools are going to lose. And it is nine out of 10 investors that are losing.”’

Kepala butoh lah! This is a case of sour grapes lah -- has nothing to do with "fair play". If they win, wah they celebrate and become proud, action borak everywhere. If they lose they cry "foul" and accuse others of "cheating". Fuck off lah.

>> why is the SEC Chairman still professing that there is nothing wrong with the two practices?

Because there IS nothing wrong with HFT and dark pools. Many people scream and hate them. And then there are others who make a living from them, and still others who make fortunes.

if you are consistently losing in the market, why are you still in the market doing the same old thing over and over? You must be an idiot with more money than good old fashioned common sense ;-)

Algo trading and dark pools are here to stay. Markets don't like too many regulations. Capital likes to move as fast as the prices' direction, so that operators can get in and out as quick as possible. So the sooner you get the information, the better equipped you are to decide what to do.

These are early days yet. Within -- I'm guessing -- less than 20 years, average people will be running HFT-type bots (purchased at app store) trading through private dark pools (click to join, pay to play) on their smartphone -- or whatever personal communications devices the world will be using then.

By then stock trading will be like an online game. It is moving in that direction.

Anonymous said...

Kepala tak centre. Gila!

b said...

She is smarter than many of us here - at least making lots of money the easy way.