Hey Mary Shapiro, I’ll make you deal. I will never trade a 3X inverse ETF again if you will get off your bureaucratic hind section and kill high frequency trading. Fair? Since you have been SEC chair all I have ever heard from you is talk on so many levels.
You can start by grabbing some of your freshly graduated C- “legal beagles” to start some due dilly. I’m sure they are anxious to get started on their first real project. These are the people that the real firms didn’t want, or maybe they really do want a career in public service at the SEC (which scares me more).
You can go across the river and check out some of the HFT infrastructure, you know, the epicenters that makes a Verizon server hub look like a transistor radio.
Don’t get me wrong, I love my epinephrin laced ETF’s, but I am willing to acquiesce and go old school again,
There isn’t a trader alive, that I know anyway, that cares about “best execution” that badly. We used to trade 1/8’s and 1/4’s and the world was fine. In your consummate genius you obsessed for years about best execution when all you have created is volatility NOT liquidity, unless of course you are an algo.
Mary has an interesting past which started at FINRA where she made about $ 3 million per and received about a $ 7.3 million package when she left to join the SEC. FINRA was the result of the NYSE/ NASD merger. Some accused Mary of lying on the road show about material facts relating to the merger. Bernie Madoff also referred to her as a dear friend. Who knows? Just fix things. This is why “we” pay you.
Go to nickel spreads, it isn’t that hard.
$SPY, $QQQ, $IWM