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Time while -- -- forcing the Wall Street's exchanges as we know today to close led -- and possibly tomorrow although.
We believe it will be back case but it was resistance from banks brokers and regulators that kept exchanges from.
Abandoning plans to open for electronic trading.
So the question is is the market's still not ready for all electronic trading what he had to weigh in his former SEC chairman and CEO of power on the -- -- Hobby -- hobby thank you so much for joining us.
So what's wrong here is the concern correct that there's not enough faith in and cool Electronica trading situation do you understand those concerns.
Yes I think there are some real questions about how or others to shut down.
Physical markets and even electronic exchange markets impact the ability of people to trade.
The fact is there are many other words from which people -- Execute there's securities transactions.
And so there are some real problems -- shutting down electronic.
Yeah I know a lot of the concern with having the floor closed and keeping electronic trading -- which is one of the original ideas is that it would give some folks a distinct advantage.
How do you think that would have shaken -- -- -- -- a -- Well it would favor of the professionals.
By and large and I think there's a concern about the optics of all of -- have also having a small number of transactions.
Have a disproportionate.
Impact on pricing.
However people can trade in Europe the European markets have been open.
People can trade on certain electronic -- certainly institutional investors have media that allow them to trade with one another.
So there will still be trading going on it's just that of the general public.
Trading will have stopped.
But is this something that should be planned for in the future hobby or is just an electronic trading because of those concerns system -- -- Well I think -- there's a real need for a re visitation of our market structure is yeah.
It seems to me it's highly problematic.
That you can have massive amounts of securities traded when there is an announcement that -- securities trading should -- We have this with 9/11 and we were able to shut down.
All trading at that time but the markets in 2001.
Look nothing like the markets of today.
What do we laid out you make it sound like this decision is very unfair to the little -- into the average retail investor I mean is that the feeling -- you think.
In general people are gonna come away with that I.
Well I don't think so I I think.
Little person those small trader isn't really going to be affected even if the electronic markets were were wide open as -- originally been suggested.
Because those -- markets where the volume of trading is much larger.
But I didn't think that the perception.
Is one that people want to avoid they want to avoid the fact that there are restraints on individuals.
That large institutions don't have to cope with.
Well I understand hopped the -- -- via electronic trading platform would not be able to trade.
Trade securities is not correct to listed securities is that is that a publicly the system that -- cannot trade in NYSE traded securities.
Yes are are there was effectively a way of electronically replicate being beyond floor of physical trading Babs used to mark the New York Stock Exchange -- -- today.
Most trading on the new York stock exchange's electronic anyway.
The stock exchange where people actually called out orders -- the light is.
-- now world history but not a reality.
Cardiac having the SEC saying they're gonna come out of 130 and -- -- the market is gonna be close again -- to me it seems like that gives.
Institutional investor another 24 hours to get ahead of the regular guy.
The institutional investors trading in volumes that are.
Higher than what the little guy would trade.
And I would say that there's there's not going to be a real impact on small investors.
On the other hand I do think it would be better.
If the government have the capacity.
To shut down all trading.
From all electronic venues.
As opposed to affecting only certain venues that it now can affect.
Right Harvey Pitt thank you so much for joining us not we appreciate it we just want to reiterate so this comes from a fox business' Charlie Gasparino that we are expecting.
The SEC to announce in just about twenty minutes that the F financial markets will be closed again tomorrow because of -- saying vehicles we will keep keep an -- on that.
To bring you the very latest news and details when they become available.
And coming up we're gonna have an update on -- -- half of course possible storm isn't just shutting down most of the financial capital -- also shutting down most of.
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