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This is a Fox Business exclusive as we talk about Mary Schapiro and her legacy at the Securities and Exchange Commission.
It's a hot topic to Charlie Gasparino has been reporting on forests and dads are preparing to leave the commission -- four while I -- tumultuous years.
And you'll be -- from Mary Shapiro just -- and that's on markets now Charlie says she's left some unfinished business.
And he is here to break it down for and that would be the structure of the markets what why we have not just in New York Stock Exchange -- the NASDAQ we actually have markets on every trading desk on Wall Street.
And that is something apple don't -- need around the CEO of the New York Stock Exchange and Bob -- fill the CEO of NASDAQ.
Fox News has learned both approach Mary Schapiro early in the year to address why we had this.
Insanely fragmented market and how this insanely -- the market.
Could essentially lead to another flash pressure what -- Shapiro tell.
Hello this is from sources close to both exchanges we -- in that Shapiro indicated she needed more political support in congress.
To go after market structure and broke -- Niederauer and -- of argued.
That because of this disjointed market structured the markets are essentially in disarray that you have many private markets that that operate across Wall Street.
And this is going to be an issue going forward this essentially could lead to another flash crash what is the problem with the SEC on this thing.
Well when you talk to people -- these changes people in Washington they'll say simply this.
There is not I'm not a lot of will to deal with this issue Mary Schapiro kind of understands it as a as an issue.
She did not feel that she had a commissioner is back and are clearly congress not back -- -- up.
And the SEC is basically punted on this if you notice and this is it and forget about what I'm reporting here look at it logically.
We had a flash crash when -- that happen.
Two years ago.
What has happened since then.
In terms of the SEC putting me addressing the issue of market structure -- a thousand focus now for she's an -- -- -- I like Mary Schapiro earnest person.
Very I think she was a decent SEC chairwoman.
She came in when morale was very low.
After Bernie Madoff you know basically pull this Ponzi scheme and you know for many years in the SEC.
You know was alerted about it did nothing came in after the implosion of the markets have -- does -- -- As he did one thing amazing she appointed Bob is on the has turned Schwartzman -- -- -- -- is a former federal prosecutor worked on Wall Street.
One of the smarter guys that I know in the business got a very I think he's -- a good job as.
-- -- -- -- Heard the negative of Mary Schapiro and I think this is going to be a problem with her legacy going forward.
Is that this notion of what is a stock market has never been addressed if you believe that the status quo.
The FCC is saying that the stock markets that -- that individual investors should be should should be feel comfortable that when they buy -- stock.
It's not being traded it's not be in -- -- -- being the orders aren't being crossed at an established market it's being cross at some dark pool.
On the new York stock -- -- -- which New York's actually had to create a dark pool to compete with the dark pools had golden at Credit Suisse and all these other firms.
Is that the way other -- do -- market should be.
There's a debate I think no right OK I would tell you that need -- right filthy now now be approved for profit companies I think that's the problem.
They lose a little credibility when they argue this because they are for profit companies are obviously.
You know arguing that Clinton -- to -- -- their own -- however there is somebody said that when Goldman Sachs makes the market okay.
Is the investor getting the fair price and does this put.
Small investors at a disadvantage in these are things that I think Mary -- -- -- -- -- that -- should ask ask our analysts who she said like I said.
Her legacy in many ways could be defined by not fully addressing this issue also -- hello have a chance to do it right if you -- thank you Charles it's.