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Well first -- -- it now the probe senate Democrats and then again.
Immediate investigation into what caused the -- 1000 -- died for a while yesterday and it's just leading that charge democratic senator Mark Warner joining me.
Senator where does this stand right now what do you wanna look in.
Male all I wanna try to do is get what some of the facts I thank -- we've seen a dramatic upsurge in high frequency trading.
Over the last couple years we've seen as co location around trading exchanges we see 3000 trades every seconds.
You know I just want to find out what's going on.
Because I know I I got flooded with emails yesterday from some small traders small brokers who are -- -- is everything on the is everything.
Fixed in the big market at this point.
I don't think there's it is not an investigation is trying to -- -- SEC CFTC.
Hey maybe if you left lawyers and a few more technology wants trying to figure out what's really going on this -- high frequency trading.
We don't exist senate senate candidate get people technically trained in this stuffed -- He was able to judges and -- -- on that and it could see this so we're hearing reports that the so called.
That finger culprit someone who might as you know get the wrong he would be -- and am are whatever that didn't happen I don't know how they were able to rule that out.
Do you know or have have you heard.
Anything else we're getting some reports of Citigroup.
The big bank was among those saying it was announced it was announced.
Any closer to finding Nolan might have been a web -- minded.
We don't know I mean we've all heard -- I've -- some of the same rumors.
But something's a little -- -- extension goes from about forty bucks a share down to a penny back up to forty -- from Procter & Gamble.
-- twenty points you know virtually in a minute or two.
Something was wrong when there was that technology glitch what it was part of high frequency trading.
All I'm saying is we don't need it creates a new level of bureaucracy we just need a little more transparency here.
You know -- are a few years back.
When people created crate after -- CDS and whole series of these new swaps that were supposed to take risk capital market and all of a sudden had a lot of mortgages.
-- AAA it is -- work risk free we found that wasn't the case.
We may see now with his high frequency trading what may be the first shot across the bow of what could be the next range of systemic risk.
And we -- to get ahead this morning at least in terms of information -- expense.
It normally and that's what happened -- the -- 2000 and I remember quite well Cyrus covering it sort hour by hour.
You use you get and what they -- fast market conditions.
And everyone sort of sinister music goes on the -- -- is profitable office but the reality is every one this is just.
Getting out in NASA trying to squeeze is a -- -- Because they that 111.
Itself triggers another facility Dow component falls another one in this case after J&J.
Three down and then -- center and then -- it's -- -- -- products.
And not prepared I'm not they all go and then it hits the net sector in the next sector.
And then it would Jesus daily commuters today at a pace -- and in a volume unprecedented.
Is the answer that -- to two.
To redo the computer systems -- to cut down on the computers or to live -- because these are the times of which.
It's a great question I don't know the answer I -- -- -- like be a little more information first.
Maybe take a deep breath here I do know earlier in the year.
There was a lot of back.
Rumblings for a little while about something called flash trading right where it looks like some of these large firms -- you get -- fraction of a second head start about everybody else they were kind of gaming the system we never found out how many.
Tens of billions of dollars might have been made I'm you know if your small time -- -- -- -- We do -- in the end we do now when that was finally crimes.
Turns and everybody else.
So so I did not have someone like that right you might someone might have lost a little less because they got out the door first but.
Mom I guess my point is then is it is it just -- and on the technology does that gets to be very stupidly secure -- And not an adolescent -- I spent twenty years and technology business people -- -- politics I'm not gonna.
You know trash technology but sometimes what we're seeing here is speed for the sake of speed in the micro second -- -- the EU trade happened and a micro second.
Means there's no ability to have any kind of human chat comments there's gotta be some ability where we can -- transparency speed.
And also some system where you don't have how do you explain to somebody who might have -- in those sixteen minutes yesterday now lost you know.
Their savings because they panicked because not because of the market changing that something happened in the technology.
-- -- -- -- -- It all came back unless you -- I understand some of the -- we're gonna actually be recouped would have fewer and that -- -- that sixteen -- twenty odd minutes you might not be feeling the same way.
But disposed to make that back to justice those thoughts assets that would have left and right let's see how we can -- happening senator thank you very much.
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