Today. Go vote. Is it in effect a victimless crime . There is new information regarding the health of housing in the United States. What is your home worth . We will tackle that one with one of the nations top housing economists. And then oil up more than 3 over the past week, largely, of course, over fears about iraqs production. Despite that, the Airlines Getting a pop today. They are generally up, up and away with gains of more than 1 . Lets check in with sue at the nyse. Hi, sue. Hi, ty. Were going to start with that key hearing on the senate side of the hill on High Frequency trading. Eamon javers, thats his beat. He is there live. A real focus on payment for order flow, and the rebates that stock exchanges pay to brokers in order to steer some of the trades their way. A real question today over whether that is a conflict of interest. Tds td aamerica trades stitch quirk testified as part of this hearing today. He made the argument that some of these conflicts of interest are inher
[laughter] i, i have a theory, i have a grand, unified Michael Lewis theory, and i thought that we would start there. I havent heard it, id love to hear it. And im going to, this is going to be i would like to see whether you, whether you get the theory, so im going to give you an opportunity to answer. Youll see. The theory [laughter] the preamble to the theory is that you are principally a moralist. In fact, i believe you are americas leading nonfiction moralist. What do you mean by that . Well, you re someone whocc. And as proof, i would like to point out that in five of your bestsellingj a financial ark. Perfect. [laughter] okay, so, but flash boys is, its the most perfect biblicallal gory of all. Which one is it, do you know . No idea. [laughter] its jesus and the money changers this the temple. Ooh. My Fathers House is a place of prayer, but you have turned it into a den of thieves, jesus said. Flash boys [laughter] [applause] i was looking, i got the book, and i was, like, whe
The truth, so help you got . We will be using a timing system today. Please be aware that one minute before the red light comes on, you will see the light change from green to yellow, giving you an opportunity to conclude your remarks. All of your written testimony will be printed in the record in its entirety and we would ask that you try to limit your oral testimony to five minutes. Professor battalio, we will have you go first. Thank you again for your work. Good morning, chairman levin and Ranking Member mccain. Thank you for inviting me to testify today. Its an honor to have the opportunity to present my views on conflicts of interest. In u. S. Equity markets to the Senate Permanent subcommittee on investigations. My expertise is the relationship between order flow inducements offered by dealers and exchanges and the quality of trade execution. Before discussing my Current Research with shane coreland and Robert Jennings id like to provide a bit of context. Orders used by retailer
Testimony. All witnesses who testify before this subcommittee are required to be sworn. At this time i would both of you to please stand and raise your right hand. Do you swear that the testimony youre about to give before this subcommittee will be the truth, the whole truth, and nothing but the truth, so help you got . We will be using a timing system today. Please be aware that one minute before the red light comes on, you will see the light change from green to yellow, giving you an opportunity to conclude your remarks. All of your written testimony will be printed in the record in its entirety and we would ask that you try to limit your oral testimony to five minutes. Professor battalio, we will have you go first. Thank you again for your work. Good morning chairman levin and Ranking Member mccain. Thank you for inviting me to testify today. Its an honor to have the opportunity to present my views on conflicts of interest. In u. S. Equity markets to the Senate Permanent subcommitte
Many are not voting at all. The to live the american gene. Thatck santorum argues they have been abandoned by both parties. Part of the tv this weekend. A new history of the great depression. Join others to discuss this. This week a subcommittee held a hearing to discuss highfrequency trading practices and u. S. Stock market. The witnesses included the and aent and ceo of iex number of executives and u. S. Exchanges. The entire hearing is just under three hours. Good morning, everybody. U. S. Americans image of the stock market is shaped by a single room, the Trading Floor of the u. S. Stock exchange where Traders Await a ceremonial bell to pick up the days activity and then trade shares worth millions of scraps of paper. In reality, most are traded not but florida manhattan computer servers in new jersey. Happens in the milliseconds it takes for in order to travel through the cable. Increasingly, comes from not thoroughly obsessing. There are unfathomable speeds, earning billions up r