Lumping all speed traders together as predators and saying they rig the stock market exaggerates the hazards faced by investors, according to Arthur Levitt, who oversaw the Securities and Exchange Commission in the 1990s.
Author Michael Lewis’s argument that U.S. stock trading is rigged reflects a misunderstanding of how the market operates and its history, said Bill O’Brien, the president of exchange operator Bats Global Markets Inc.
Fannie Mae and Freddie Mac, the mortgage-finance giants operating under U.S. conservatorship, would be unwound and replaced by a lender-owned securities issuer under a proposal by U.S. Representative Maxine Waters.
The U.S. Securities and Exchange Commission is conducting a formal inquiry into an online gambling website’s Bitcoin-denominated stock sale after the agency signaled that such dealings may break U.S. laws.
Wall Street hiring in Asia is coming under increasing scrutiny in the wake of a U.S. criminal investigation into whether JPMorgan Chase & Co. employed children of China’s elite in violation of anti-bribery laws.
Regulatory investigations of alleged currency-market collusion are probably contributing to a slump in volatility in major foreign-exchange markets, according to Steven Barrow, Standard Bank Plc’s head of Group-of-10 research.
UBS AG, trying to reprise its success in limiting fines in a probe of interest-rate rigging, is seeking immunity in the U.S. and European Union as part of the global investigation of currency markets, two people with knowledge of the case said.
Arthur Levitt, former chairman of the U.S. Securities and Exchange Commission, interviews presidential historian Doris Kearns Goodwin about her new book, "The Bully Pulpit: Theodore Roosevelt, William Howard Taft, and the Golden Age of Journalism," on Bloomberg Radio's "A Closer Look With Arthur Levitt."
U.S. regulators failed to act on “a gift” of a tip from Paulson & Co. Inc. that a major brokerage had approached the hedge fund to solicit help in a scheme to manipulate markets, former Securities and Exchange Commission Chairman Harvey Pitt said.