Richard Grasso: today’s market isn’t fair

Richard Grasso: today’s market isn’t fair

 

The former head of the New York Stock Exchange, Richard Grasso, told the Wall Street Journal that modern markets have sacrificed fairness for speed.


There were 1287 trading halts. Typically, there shouldn't be more than 10 pauses a day.


“A fast market is not necessarily a fair market, as evidenced by that Monday opening. Some of the things that went on that day need very close scrutiny, because it causes the public to lose confidence in the markets,” he noted.


He was the chief executive of the NYSE from 1995 to 2003. He stepped down from the NYSE after a controversy over the nearly $140 million he received in retirement pay. Now he serves as a member of the advisory board of the Delaware Board of Trade Holdings Inc., which is aiming to build a stock exchange for startups.

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