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Well believe or not there was an important hearing on the -- today.
Look I know you're not used to the -- -- indictment in the breast beating from congress but today members actually talked about something important.
Something every investor needs to know about we talked about it last night high frequency trading.
This is just computer is treating on steroids.
Traders who -- hundreds even thousands of buy and sell orders sometimes for the same stock all at the same time.
The idea exploit small quick moves in the market forget long term -- nano second.
Now a former high frequency trader data -- testified in front of the senate banking committee laying out the dangers of this type of trading.
The US equity markets are in dire straights who we are truly in a crisis right now.
The past decade of technology revolution on Wall Street has been marked by two primary trends extreme marketplace fragmentation.
And the rapid growth of H -- T is the primary supplier of liquidity.
Miles no kitten -- swept over Wall Street and rolled over investors.
HFT was behind the evaporation of one trillion in market cap -- the flash crash -- may 2010.
Then in August of the next year more crazy volatility swings of four and a half percent.
Initial public offerings of FaceBook -- -- both went awry because of computerized trading glitches.
Flower says many crashes -- crashes happen every single day.
You could get -- in this if you trade stocks are viewing that's in the market who knows when the next mini crash we'll have Maxi results.
Well are you feeling worried yet.
He should be because the New York Stock Exchange is being investigated for giving these sorts of traders access.
-- information about trades both for the rest of us -- -- Here's what I think individual investors should get the same respect as any other investors.
Look even if your name is in Goldman or -- you should be treated fairly by the market's.
We should have an even playing field.
The NYSE of course as they can do anything wrong.
But one former regulator Harvey Pitt on our show last night says the time has come to put a leash on these traders why.
We'll because investors like you and -- have stopped trusting the market.
Fewer companies are coming to market with IPOs.
Why bother when the process is such a mess.
Having all sorts of glitches with the software.
And that is eroding investor confidence and driving individual investors out of our markets.
Flowers says we are at the crisis point now he believes the major exchanges deal only with what he calls a toxic.
-- -- -- nobody else wants to deal with all crazy computerized.
Long term investors are fleeing these conventional exchanges.
More than half of trading on exchanges is now said to be computerized trading.
It's time for some serious reform before we have a bigger batter flash crash that none of us can afford.
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