The SEC Works to Install a Do-Over Switch In Markets
Hey, psst, global investor, wanna come over and play? We swear we won't fuck you again like we did last Thursday, that was just a glitch, ya feel me?!
U.S. market watchdogs and six major exchanges agreed to a preliminary framework for curbing trading when markets are plunging, the Securities and Exchange Commission said.
SEC Chairman Mary Schapiro, the leaders of major stock and option exchanges, and broker-dealer watchdog, the Financial Industry Regulatory Authority, met in Washington on Monday to discuss the causes of last Thursday's mysterious market free fall and possible reforms.
"As a first step, the parties agreed on a structural framework, to be refined over the next day, for strengthening circuit breakers and handling erroneous trades," Schapiro said in a statement.
She held a two-hour morning meeting with the leaders of the New York Stock Exchange, Nasdaq, BATS, Direct Edge, International Stock Exchange and Chicago Board Options Exchange.
The SEC did not provide details on what the fixes would look like.
While the bitchfighting continues over who or what blamed last Thursday's mess, has anyone floated the idea that perhaps it was just a sell off slash correction slash panic? I know it's totally fucking unbelievable in this day and age of jerking off over the global Ponzi but, uh, what if it was just plain old market jitters? When Europe pulls out a $1 trillion bailout slush fund, one has to wonder what spooked them into smashing the glass on the monetary WMDs.
Go, SEC, go. *Petpetpet*