Comment Text:
The new rules should not be left open for interpretation by the exchanges; they could cause the next crisis.
The problems with today's exchanges are very different than a few years ago. With IPO's and mergers, all the major exchanges now answer to the shareholder, not the marketplace. In fact, some if not all of the boards have a fiduciary responsibility to the shareholder, not the marketplace. Previously, the BOD had a fiduciary responsibility to the by-laws of the exchange, which included having a transparent and efficient market. As it is now, when the BOD approves something that may be bad for the market place but good for volume they are actually doing their job as it is described. You know better than most how similar changes affected the banking industry, as they all went public and needed to answer to Wall Street.
I have been a floor broker on NYBOT/ICE for over twenty five years. I trade for myself and also execute customer orders. I am not a bitter floor trader who hates new ideas. A large portion of my net worth is invested in exchange stocks including ICE, CME, NYSE, and NASDAQ. I am not against them. I am rooting for their success.
I am available to discuss;
Patrick Walls
[email protected]
347-768-2268
