Gary Gensler on equity market structure
From Gary Gensler on 'Bloomberg Technology 03/02/2023 · · Bloomberg Technology
“We put out four proposals in December addressing four different problems in the market and it was really to make the markets work better for all Americans. Working Americans of our great diverse nation. Men and women alike. People of all racial and ethnic backgrounds. It is really about them. They are our clients. When they submit an order, the markets work toward best execution. We tried to level the playing field because so much of the market now, if you are a working family on trying to invest, you put an order in, it's not going to the transparent market, but it has been routed off to wholesalers in what is called the dark market.”
On , Gary Gensler, Chairman at SEC, spoke about equity market structure during Gary Gensler on 'Bloomberg Technology 03/02/2023 on Bloomberg Technology.
About Gary Gensler
Gary Gensler, the former chair of both the SEC and CFTC who now teaches at MIT and co-hosts the podcast "Power and Consequences," has been a frequent commentator on securities regulation, prediction markets, and artificial intelligence. He criticized an SEC proposal to move from quarterly to semi-annual earnings reporting, calling it "a solution in search of a problem" and arguing that transparency is important for capital markets. Gensler also discussed the AI boom, noting that the U.S. is spending roughly $750 billion on AI infrastructure while native AI revenues are around $100-150 billion, and said it is "plausible we'll have that reckoning at some point in time." On prediction markets, Gensler has argued that Congress should prohibit government officials and their families from trading on such platforms, stating "it's too hard to police this and to enforce it rigorously." He expressed opposition to President Trump's call for the CFTC to have exclusive authority over prediction markets, saying the agency is smaller than it was 15 years ago and lacks the capacity to regulate what he described as gaming and betting contracts. Gensler has also called for bans on contracts related to assassination, war, and terrorism, and noted that the CFTC under his leadership voted unanimously in 2012 to prohibit such agreements.