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 …
Who Benefits From Market Speed Bumps? The Exchanges Read More »
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 …
My latest on CNBC: Why the SEC should just say ‘no’ to IEX Read More »
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 …
Every year I attend a major economics conference to geek out with and learn from a significant collection of global economists. While just breathing the air at such an event can be inspiring, talking to people often leads to sheer terror about the future of our national and global economy. Last year’s event was no …
What motivates countries to discourage HFT? “While there are several empirically demonstrated benefits of high-frequency trading, including improved liquidity and reduced transaction costs, the current arguments against HFT are largely qualitative in nature. With that in mind, what are the drivers behind global HFT regulation, and do they suggest a market failure attributable to HFT?” …
HFT Regulation Requires Attention to Motives and Consequences Read More »
Exporting pollution, one factory at a time. The Heritage Foundation recently published an article on how climate regulations designed to put an end to coal fired electric plants will significantly harm U.S. manufacturing (EPA’s Climate Regulations Will Harm American Manufacturing). This got me thinking, if EPA regulations drive manufacturing offshore, is it possible that by …
Do U.S. EPA Regulations Actually Make Global Pollution Worse? Read More »
Marijuana in Alaska? As the ballot measure allowing citizens to vote on the legalization of recreational marijuana in the State of Alaska moves forward, I started to think about some possible changes we might see in our state if the measure passes. The following are the top 7 changes our state might see if recreational …
7 Outcomes of Legalized Marijuana in Alaska (or not) Read More »
Consumer choice trumps coercion every time. David Harsanvi at Reason.com argues why your judgement about which healthcare option is best for you is better than the collective judgement of 51.1% of the electorate. “Let me put it this way: There’s this Chinese restaurant near my house. It’s not the cleanest place, granted. And the folks …
From Reason.com – Obamacare’s Authoritarian Problem Read More »
Is the private sector the solution to a public sector problem? I haven’t been blogging much lately. This is primarily due to the overall heightened state of daily outrage I’ve been walking around in for about the last year and a half. A friend told me this morning that this is a privilege reserved for …
A Busload of Silicon Valley Programmers: The Senator John McCain Solution to Obamacare Read More »
“Regardless of government healthcare mandates or other regulatory policies, market forces are always at work…Obamacare is a bad idea that may only get worse.” By Holly A. Bell Regardless of government healthcare mandates or other regulatory policies, market forces are always at work and will mold the healthcare market to adjust to the new regulatory …
What Might “Obamacare” and the Healthcare Industry Look Like in 2038? Read More »
