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The SEC’s proposal to overhaul how transactions are conducted reads like the invention of lawyers and economists who can’t see the easy fix that exists right before their eyes.
Stock trading can be improved.
Photographer: Spencer Platt/Getty Images
Aaron Brown
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The dispiriting thing about the Securities and Exchange Commission’s 400-page proposal to re-engineer financial markets, and the response from outside the agency, is that lawyers and economists are arguing over questions that have easy technical solutions. If we wouldn’t trust these people to design the electrical power system or build a spaceship to Mars, why should we listen to them on market rules?
One basic issue the SEC is trying to address is how best to match buyers and sellers. The goal is not controversial: The person willing to pay the most should buy from the person willing to sell for the least amount, and these transactions should continue until every holder of the asset values it more highly than anyone who doesn’t hold it.
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