Don Quixote, the legendary Knight of Mournful Countenance who once†jousted at windmills, keeps popping up in conversation with trading executives as Washington scrambles to exert leadership following last week’s mysterious flash crash.
At all levels of the†trading markets, there is a sense that nothing much will come from†today’s Congressional hearing other than a bunch of posturing from†politicians and bland commentary from exchange executives.
The hearing starts at 3 pm. You can watch it online here.
Though the Securities and Exchange Commission and Commodity Futures Trading Commission have created a joint “Advisory Committee On Emerging Regulatory Issues,” it is hard to find anyone who thinks the committee will do much to improve market regulation.
Regretablly, no one wants to discuss these issues on the record or for attribution because they are afraid negative comments will be held against them by regulators, and even politicians who ultimately determine oversight of the capital markets.