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Jeffrey Sprecher, chairman and chief executive of ICE, said US equity market structure is flawed and hopes it will be reviewed by the Securities and Exchange Commission under the new administration.
Sprecher said an earnings call last week that when ICE acquired the New York Stock Exchange they had been vocal about the need to change US equity market structure.
Jeff Sprecher, ICE
“We tried to negotiate a grand bargain but we were unsuccessful,” he added.
Late last month, a record number of US equities were traded as retail investors bought shares in retailer GameStop, which had been shorted by some hedge funds, following posts on social media platform Reddit. This led to extreme volatility in some stocks and Robinhood, the app that many investors had used for trading, temporarily suspended activity in some shares which led to outrage from customers. Robinhood said in a blog that its clearinghouse-mandated deposit requirement had increased t
<div class="at-above-post addthis tool" data-url="https://www.metro.us/u-s-treasury-secretary-yellen-2/"></div>WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Sunday that it is too soon to say whether new policies or regulations are needed to deal with recent market volatility. “We really need to understand exactly what happened and the Securities and Exchange Commission (SEC) is working hard to assemble a report that gives […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/u-s-treasury-secretary-yellen-2/"><
WASHINGTON US Treasury Secretary Janet Yellen will hold a meeting on Thursday with top financial market regulators to discuss recent trading volatility that saw shares like GameStop soar last week.Yellen said officials will be "looking carefully at these events."The volatility was created following a social-media-fueled buying frenzy over shares in video game store GameStop
LONDON BRIEFING: Yellen Asks US Regulators To Probe Trading Volatility
Fri, 5th Feb 2021 08:04
(Alliance News) - US financial market regulators will study the trading frenzy last week that saw shares like GameStop Corp soar, and ensure investors are protected, the Treasury Department said Thursday.
Treasury Secretary Janet Yellen called the meeting with top market watchdogs to discuss the recent trading volatility created by a social media-fuelled buying craze for stocks that were shorted by hedge funds, including of video game store GameStop, which surged over 400% in a week before falling sharply.
While it did not mention GameStop or retail trading platform Robinhood, Treasury said the Securities & Exchange Commission will be releasing a timely study of the events .