bonus for our financial customers as holster formalize going to affect major
banks are already fighting loopholes to avoid new regulations is regulations are
aimed at preventing mentioning gauging and proprietary trading
school pops trading in the industry properly represent banks
making money on wall street
strictly for themselves and not for their customers
and today prop trading is a highly technical business take a look at this
report about sixteen assistance
it may surprise you to learn that most of the stock trades in the u_s_ or no
longer being made by human beings
but by a robot computers capable of buying and selling thousands of
different securities in the time it takes you to believe enough
the super computers which actually decide which stocks to buy
okay here is
the amazing story
fellowship with today's financial times this is
the board meeting
financial and business and you might even argue conservative
newspaper the world
what did that mean
business newspaper of financial newspaper conservative whatever
decide to put on the front page as the lead story today
regulators backed off rules on bank trade
this is a
mississippi big deal from their point of view study our whole group for approved
now here's between site
and is a visible candidates that i have to share with him systems mine about the
basic financial regulators recommended tough prescriptions on banks trading
activity on tuesday
in a move that could push lucrative business to hedge fund
they're pushing banks out of this business because he can't do the same
this is approved by the new financial stability oversight council the point of
the article is that the banks with some of the banks with absolutely shocked
bites
on kotkin the regulators like this
others were saying
we sites com
morgan stanley is the latest of several banks to announce a spinoff of
proprietary trading divisions numbers are taking this piece of their business
lutherans separatists
to get around the law
the industry had been expecting financial loopholes in the final rules
didn't quite get what they want it
so they're starting several businesses
now here's the second part of the financial times distributed comes in
second semester format
there's two sections are first come prison market what was the top story on
the second section
the securities and exchange commission on that's who is going to be
given the job of enforcing these regulators tough rules right is that the
s_e_c_ the skating change mission
s_e_c_ faces budget crackdown
lead story
we start input to ensure together here would you share with you
when tom bray twice in washington interest scandal in new york road u_s_
securities and exchange commission
is facing a budget squeeze from the republican controlled house of
representatives or surprised
which official says camporee efforts to improve its and forced integration
scott juror republican ever garrett a republican from new jersey new chairs
the subcommittee on of oversight for the s_e_c_ and sits on the budget committee
says he's not in favor of great basically said
you're not s_e_c_ we're not gonna give you any more money
i mean literally no more money there's new rules there's new powers they
haven't yet a whole new enforcement division
they're asking for a budget
and instead s_e_c_ official said without invested in technology they can deal
with the stuff to couldn't deal with something like them a flash crash they
they would make an big thinness may ask
multi-billion dollar fraud
and they still can't
catch it
meanwhile due to the funny shortfall in cc officials cannot even replace the
employees were leaving
the obama administration tough new rules were a crackdown on the stuff
it's like you know it's it's a caroline you know it's we're going to hurt we're
gonna make it a little because these banks are naked to it and scratched our
economy
and the republicans come on inside
once in their own that's fine
because we're a put the cost of sleep
redcar off their pay
pretty straightforward