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NASDAQ CEO Greifeld’s Reluctance to testify speaks volumes

NASDAQ CEO Robert Greifeld is going to be a no-show at an important hearing coming up. The hearing will be to address among other things why and how the volume of HFT has tripled over recent years.

Greifeld apparently has declined to testify. He knows how the rent is getting paid so that’s a optically astute decision, however much I loathe politics in the markets.

The bigger issue I have is that in not showing up he has vocalized very clearly that he is not concerned in the least about the investing public.

Time for a new NASDAQ CEO.

In the meantime, you can listen to the podcast I did with Scott Patterson, the author of the linked article and author of a great new book called Dark Pools.

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  • JB

    Martin, the only issue I have with this is that Nasdaq is one company in the eco-system. If they don’t play with the rules that are given to them, they lose business to other electronic exchanges doing HFT and have to close shop. Its either join in or die. Ultimately, its the responsibility of the regulators to promote/permit only the desired behavior. It looks to me that the regulators should be the ones to testify on this.

  • martinkronicle

    Martin is my last name.

    If you’re correct, he has to come and testify as much. If there is that much pressure on the exchanges to look the other way on HFT, exchanges should be compelled to tell us that. No room for pink elephants.

    I think the regulators are the ones holding the meeting so testifying at their own meeting wouldn’t make sense.