Here's an unexpected pair: Jon Stewart interviewing SEC Chair Gary Gensler on his podcast, The Problem with Jon Stewart. In many ways, the interview was remarkably financially sophisticated.
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Not only does he want to “freshen up” Rule 10b5-1 (see this PubCo post), SEC Chair Gary Gensler has the same prescription for the rules governing the equity markets. In remarks yesterday at the Global Exchange and FinTech Conference, Gensler observed that “technology has changed how market makers interact, how trading platforms compete, how investors access those markets, and the economic incentives amongst these various market participants.” For example, a few years ago, retail investors weren’t even trading on commission-free brokerage apps. But the rules governing markets were “mostly adopted 16 years ago” and “do not fully reflect today’s technology.” Gensler believes that “it’s appropriate to look at ways to freshen up the SEC’s rules to ensure that our equity markets reflect our mission: to maintain fair, orderly, and efficient markets, while ensuring we protect investors and facilitate ca