SEC Chair will not give a book review

April 30, 2014

Yesterday, in her testimony to the House Financial Services Committee, SEC Chair Mary Jo White fielded questions about the argument of Flash Boys. She drew a legal distinction between unlawful insider trading, having earlier access to order information, and being able to react more quickly to publicly available information. She then affirmed that the use of exchange data feeds, approved by the SEC, does not constitute insider trading if used properly.

Equities market buffs will find the three key minutes of video here.

3 Responses to “SEC Chair will not give a book review”

  1. marthapoon Says:

    In a clearly written op-ed in Forbes yesterday, Bradly Bondi (former counsel to SEC Commissioners Paul Atkins and Troy Paredes, among other titles) offers an explanation for why, in the stock markets, “the informational advantage has shifted from the market professionals, who have duties and responsibilities to customers, and to the traders, who do not.”

    http://www.forbes.com/sites/realspin/2014/04/29/memo-to-michael-lewis-the-excesses-of-high-speed-trading-are-a-direct-result-of-sec-micromanagement/


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