Blog

Who Benefits From Market Speed Bumps? The Exchanges

Since the election, stock prices have risen sharply on hopes that a wave of pro-growth policies under Donald J. Trump will drive up equity prices even further. But Mr. Trump’s administration will soon face a trend that threatens to move the long-term benefits found in stock markets away from investors and toward exchanges. Continue reading …

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Fiscal Policy

Why a Financial Transaction Tax Is a Bad Idea

This article was originally posted on TabbForum here By Holly A. Bell Former Secretary of Labor Robert Reich claims financial transaction taxes are simply sales taxes on Wall Street traders and won’t harm markets or cause capital to flee. Yet studies of FTTs in other countries show they harm Main Street and distort markets. Former …

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Stock Market

My latest on CNBC: Why the SEC should just say ‘no’ to IEX

By UCLA Professor Avanidhar Subrahmanyam and University of Alaska Professor Holly Bell   Since IEX submitted an application last year to the SEC to become a public stock exchange, a big debate has erupted about a seemingly small time frame — 350 microseconds. IEX’s proposed exchange would implement an intentional delay of 350 microseconds to …

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Denali II

Well-structured sales tax does more for Alaska than income tax

As Alaska works to balance the state budget, one thing is certain: We will all have less money in our wallets. The scale of our deficit means we are likely to see both PFD reductions and new taxes. While the governor has proposed an income tax, a sales tax may a better alternative for Alaska. …

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Database

The Potential Effects of Reg AT: Unintended Risks and Diminished Cooperation with Market Participants

Ill-considered regulation regarding algorithmic trading will adversely affect the ability of legitimate market participants to contribute to liquidity, price discovery, narrow spreads, and low trading costs. The CFTC shares with market participants a growing interest in algorithmic trading and its potential effects on the markets. Rather than working with market participants cooperatively, the Commission proposes …

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Opinion

Occam’s razor can cut Alaska’s budget problems to the bone

My latest from Alaska Dispatch News: As our legislators gather in Juneau to consider Alaska’s budget and how to bridge the billions of dollars of shortfall between state income and spending, there are a few key points I would like them to keep in mind. I have twice listened to presentations on the various budget …

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