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There you go -- it's understood it thank you very much as -- -- exchanges are open for business after two days in the dark requests amenable wind the exchanges want to.
-- able to open for even electronic trading here to weigh in -- -- -- he's the founder and CEO liquid net.
One of the biggest firms electronically trading large blocks of stock.
For private clients and what is your theory about -- all their -- have you heard Duncan Niederauer telling you call that police a short time ago that.
For a lot of firms have brokerages you know they -- the market closed because very -- the markets open people come into work and if it's close they stay home do you buy that.
Absolutely I think all the venues were able to open and on Monday if -- wanted to.
But I think it was absolutely the right decision because you have to factor in the entire ecosystem how to invest -- And while the venues like New York Stock Exchange a liquid that -- park where an execution vendor right -- illiquid today.
It's the investors that bring liquidity from all retail folks contrite from home the institutional guys that manage about twelve trillion dollars in assets.
They really can't trade from -- Should have been about a contingency plan a plan in place when you sandy was coming knew but many many days before -- got here.
Duncan -- had said that look we really should.
Perhaps do some more testing so much testing of a bus systems in the event that something like this happens again do you think that's -- I'm -- and I think that all the venues were properly prepared and they have all the backup systems in place.
I think the problem is that the storm was so severe.
Are you can really ask people to leave their homes and found what is when you know their basement is underwater and I don't think that that's really a fair thing -- What do you think about this report we're getting right now about Knight capital saying that they are having power issues they're curtailing treating it does it make you nervous about.
There sustainability again.
You know it's it's it's unfortunate for night to have this happen so soon after the last disaster but.
You know what's most important in this market today as market integrity and getting the confidence back in the market.
So I think that the SEC did the right thing Knight capital asking their clients to go somewhere else.
That's good from market integrity than doing the right thing it's unfortunate -- hopefully be back tomorrow.
But it's the right thing to do for the customers.
The all electronic trading there's a fear that the fact think of a flat badly you know the flash crash -- all of those.
The possibility of that goes higher when computers a really.
Running the show com.
Is that a valid concern as well.
Absolutely valid concern when the problems that we have with the market today is the soundness of the market there's no depth in the market -- that.
Even very small -- certainly the rapid -- and move the markets tremendous -- If you remove the institutional liquidity from the market then you have massive opportunity for massive volatility.
Which again you know people at home are taking a look at -- and they say I don't understand the rules anymore.
And we have to skip the rules back in place answer that there's some you know that they understand that there's some market integrity here.
Do you -- -- undermined confidence in the markets effect that they had a close for today's.
Not at all I think that everybody.
Certainly on the East Coast north east understands full well why the market was cause I think that -- thankful about -- Well -- -- that brings up and explain what the likelihood -- something happening as far as a glitch goes be magnified based on what we knew was going on on Monday and Tuesday.
And could ultimately of that of threaten the the faith in the system overall and done a lot of damage perhaps more -- and should have.
If the exchange is open that would like be throwing -- party and having nobody come how terrible about that but the folks at duke com we'll have a terrible time.
Down so it just close it move it to the next day and again that's about market integrity and bring confidence back to the market set thanks so much great stuff thank you said.