Thursday, October 25, 2012

Boo! Ghost Exchange?

October, 2012

(Insert Deep Voice) In a world?.

Ghost Exchange, a documentary by Camilla Sullivan and Rob Lyall, is about to bring stock market structural issues front and center to Main Street. You can watch the trailer to the movie here.

Reuters? Emily Flitter caught up with Camilla yesterday, who told her that the Flash Crash caught her attention in 2010, prompting her to commence this project, in which she asks, ??Are we taking care of and nurturing our capital markets or do we have the potential to lose something very important?? You can read the Reuters article here.

Ghost Exchange is a series of interviews with varied market participants ? from Direct Edge?s William O?Brien to the Themis boys. Their views of the quality of our current market structure varies, and we do believe you understand all the issues portrayed ? being our clients and friends. However what the film does, and will do, is further bring sunlight to a complex and murky debate.

We all sometimes feel that bringing our issues to the for-profit stock exchanges has not resulted in material change and reform. The same can be said for bringing these issues to the attention of industry groups. We also all sometimes feel that the regulators know of these issues, and yet continue to place their rubber stamp of approval on Frankenstein. It has become clear to many of us that meaningful reform, will best be born from widespread public education, debate, media exposure, as well as pressure on Congress. And Congress will only act if the benefit to them of listening to concerned constituents outweighs the benefits to them from corporate and industry-group lobbying. We have no doubt that eventually this will take place; the winds of change are in motion. The only question is will it happen before a financial disaster strikes again.

On a related note, gander at the largest contributors to key players on the House Financial Committee, such as Jeb Hensarling:

Top 5 Industries, 2011-2012, Campaign Cmte and Leadership PAC

Industry Total Indivs PACs
Insurance $340,397 $64,897 $275,500
Securities & Investment $316,050 $109,550 $206,500
Commercial Banks $272,000 $67,000 $205,000
Finance/Credit Companies $179,500 $34,500 $145,000
Real Estate $154,100 $55,600 $98,500

And Spencer Bachus:

Top 5 Industries, 2011-2012, Campaign Cmte and Leadership PAC

Industry Total Indivs PACs
Insurance $376,460 $33,960 $342,500
Securities ? & Investment $375,177 $83,677 $291,500
Commercial ? Banks $341,900 $91,400 $250,500
Real ? Estate $205,940 $104,450 $101,490
Finance/Credit ? Companies $144,938 $39,938 $105,000

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We look forward to the official release! And yes ? we have upgraded our phone system from dials to push buttons.

Source: http://blog.themistrading.com/boo-ghost-exchange/

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