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Exchanges clearing house is in those infamous dark pools will soon have a new set of rules answer to compliment to the SEC.
So yesterday the -- her body approved a new set of rules -- that.
Systems compliance and integrity -- -- SCI short an attempt to prevent trading glitches.
Like the ones that -- Facebook's IPO last year joining us now Harvey Pitt former FC chair and C CEO of -- round up partners.
So I think -- being with us do you actually think and you know we've had this big series all week long on cyber threats and our very own Denis -- said we are woefully -- prepared.
Do you think instituting new regulations like this can prevent.
Stuff like FaceBook from happening again.
Well I think it's a start.
I don't think that by itself this is going to.
Solve any of our problems.
But the good muses the commission is focused.
The commission was unanimous.
And the commission took immediate action.
And that I think is a very big deal for investors.
And for the.
Public and yet we still don't really know the cause of the flash crash and and we still have so much uncertainty in the markets that's keeping people on the sidelines because they're afraid that.
Who knows what's gonna happen next.
There are serious.
Trading glitches that have been caused by -- high frequency trading in the like.
Rule that was put out for comment yesterday.
Bomb is not yet in effect and they would only applied to 44 organizations.
At the outset.
-- but it is the beginning phase of requiring those who use technology.
To satisfy everyone that the technology actually does what it's supposed to and that it's been checked to make sure it works.
Speaking of did not see you know and there's been a lot of talk about these dark pools lately.
Liquidity issues on the New York Stock Exchange -- you know are they growing -- the cost of these exchanges and should they be stopped.
Think there are serious liquidity problems -- exchanges there's been a diffusion.
Up trading too dark pools and others but.
The answer is to integrate our markets not to prevent competing venues.
Investors will benefit if there are multiple venues where they can trade the same securities.
Right because the transparency very well could be there let's just quickly about cyber security what are your thoughts on that and what should corporations be doing.
I think corporations.
Need to become far more vigilant in this area we're seeing a lot.
Of glitches and a lot of private information passing and people are becoming very concerned.
Their identities being stolen and -- assets being attacked so we need a much.
Better discipline on the part of public companies just yet did you think they should actually disclose when -- -- -- they're not doing that right now.
I think the people have a right to know and that there shouldn't be more transparency.
And what is going on an individual corporations.
Although you wonder -- more more we know the more scared we get I guess Harvey Pitt thank you very much sir.
My pleasure that could be along.
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