Friday, January 13, 2017
U.S. Senator Tim Kaine
WASHINGTON, D.C. – U.S. Senator Tim Kaine, a member of the Senate Armed Services and Foreign Relations Committees, released the following statement on the nominations of General James Mattis to be Secretary of Defense and Rex Tillerson to be Secretary of State after participating in their confirmation hearings this week:
“I will support the nomination of General James Mattis to be Secretary of Defense. In his testimony before the Senate Armed Services Committee yesterday, he demonstrated a clear-eyed view of our current national security environment and a deep appreciation for the challenges facing U.S. servicemembers and their families. I believe he is well-prepar
Frantic traders on the NYSE floor
The Securities and Exchange Commission promised to get moving on a uniform proposal that would keep computers (HAL 9000) from destroying the stock market.
On May 6 the DOW plunged 1000 points in 10 minutes. There are at lest 50 separate exchanges involved. Your stock order could be executed at any one of them to get the best price. Transactions are processed in nanoseconds – 1000s per second. Circuit breakers kicked in as NYSE computers identified a steep sell-off on May 6. This resulted in the routing orders to other exchanges that may or may not have had a bid or were overrun with market sell orders. Some stocks hit .01 per share.
Friday from the Securities and Exchange Commission spokesman John Nester:
“Two weeks ago, in response to the market disruption of May 6, the SEC sought public comment on proposed rules that would require the national securities exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. The rules were proposed by the national securities exchanges and FINRA.
“The SEC staff is now reviewing and analyzing the comments that were received over the course of a public comment period that ended yesterday.
“The staff expects to present the proposals to the Commission next week. If approved, the staff anticipates full implementation within a week thereafter.”
Posted By Valerie Garner
Categories: Business, Finance
Tags: economy, SEC