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Wow well I'm pleased to bring -- -- -- the CEO of liquid net which operates its own stock trading network and relies on the absolute integrity of these markets even if it doesn't always happen that way.
What do you think of these comments may be we can't fix -- are you kidding.
I think it's really absurd.
I think that you know there's there's a lot of blame to go around but certain -- if the SEC would stop trying to fix the problem -- usual war.
And start taking a look at the underlying problems and underneath.
That now let's let's bring a bunch of people down to Washington let's talk about the market as it stands today what are the risks like any other business.
That's that's catalog with top ten rests on rich.
One of them might be an exchange going down right well let's mitigate -- let's have the plans in place to mitigate that well it's it's unconscionable to me.
That you don't have a back up why do you not have a back out what is it what.
In what world do you think that people are gonna have confidence in -- in stocks trading stocks investing in stocks holding stocks.
If they have no guarantee that the markets are going to be open.
On 2% agree with their.
And then you have to have some kind of planned because if something does go wrong what you communication plan the fact that nobody else in the industry knows what's going on is unacceptable.
These are not things that this is not rocket science every business out there has a disaster recovery plan.
God forbid you have to ever have to use it but if you do and the building is on fire.
People know what to do and who to call an -- -- where they should go out but just didn't happen here.
You know so many problems with these exchanges and it's almost ever since they went public.
That these problems have compound -- now I would normally be -- -- Of going Republican of these being ongoing businesses but it's created problem upon problem with the problem of these exchanges trying to find profits.
Very difficult to do and it's made them would seek out strategies that it frankly don't help individual investors.
-- it and that's the problem with them trying to find profits that's that's not a problem.
But they do have to operate as -- -- and they have to maintain and com.
There up time and they have to have these plans and -- yet it is about investor confidence what Peter was saying is actually correct because.
This all has a massive ripple effect throughout the entire economy.
And that is you know right if if the individual investors don't understand the rules -- they don't believe that there are rules to that.
To teach to -- to -- and they're not coming to invest their money.
That affects the companies that want to go public I wanna raise money for growth and expansion that won't.
And if companies don't go public then you know the startups have a hard time raising money it has a tremendous ripple effect through the entire economy.
I have to tell you if you saw my emails.
Every night the Twitter comments I get from people they have lost confidence in these markets say don't believe them and and mostly they feel like it's an uneven playing field.
So maybe the people of Goldman Sachs -- the people at Morgan Stanley -- the people the big banks can get fairly treated.
But I can't -- as you're all disaster -- -- little so to many.
You know if you want to retire and you wanna put your kids to college you've got to be able to invest in the stock market that's right so we have to find a way to make the -- That's right absolutely and ultimately the one at the pinnacle of a place that that underlies everything else is the regulators and the regulators.
You know do it again the way that they approach is that they have -- they have to take a step back you have to understand okay what's the well -- the market participants that -- and you know.
Washington is not the great financial center of America I now they have to come -- more.
For a brief I -- a lot of money could have kept.
That's yeah have a sit down and talk about can't -- -- what the risks are can't manage it like a good businesses manners so we can figure out OK you know and there are lots about the problems that can go wrong pop -- -- has as a stock exchange.
They can created to -- there that could have an underlying.
Components of the S&P 500.
If somebody trigger something Abu Dhabi it could pick itself another panic here in the United States.
There are lots of things that we have to that we can conceive.
That you know we have to start protecting ourselves now because something else will happen.
And you know people have have.
Missed out on the last right here's the bull market that's a massive amount of wealth creation.
That was missed in in terms of opportunity in the last few years and you know that's just tuition.
They need I -- I've got to ask about something else so it's something Peter brought up.
About these companies who want to go public and raise money which is what the stock market it's four in the first place right and for participation by the American public.
So Twitter we found -- today Charlie Gasparino zone reporting that they're gonna come to market IPO.
Sometime in the near future.
I think analyst on NASDAQ.
My bet would be now how I just don't think that they were do you have this part.
I think too many things have gone wrong I think it's a problem that NASDAQ has right now.
I think what is -- on New York that's my -- except what happens down the line here do we fix this is to get fixed or do we just keep having this problem.
There's a problem that's so huge.
-- affects so many people around the world that if we don't FactSet.
You know outside -- massive disaster people need the stock -- to -- people need stock market took two it's right you know gain wealth basic black.
Found them we really need somebody the leadership at the SEC to to take charge here and stop.
They think it has to be a principle based regulation to -- that.
The meeting today was close to the public.
I didn't like that I thought it should have been -- civic -- what was going not you know with our money have you done I -- I don't mind if they get something done.
Behind those closed doors the question as are those the right people to the have the right agenda.
You know right now those people down in at the SEC are taking a look at the at regulations most of which were written before computers were around.
I'm so he's craziest part that you know -- the underlying fundamentals of what can go wrong now.
A lot is the answer -- thanks for coming on tonight and it's great to see appreciate your time.
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