Consumer Rules, High-Frequency Trading: Compliance

[ProSense]

Source: Bloomberg

Consumer protection adviser Elizabeth Warren said part of her job will be to create a set of rules not just for consumers, but for small lenders to compete against big banks.

“We’ve got folks who want to play by a clean set of rules competing against folks who don’t,” Warren said in a speech to a meeting of the National Association of Federal Credit Unions in Washington.

“The job of regulation is not only to level the playing field between consumers and the lender, it’s often to level the playing field among the lenders so that everybody is competing on a straight-up basis,” Warren told the group.

The speech was her first since President Barack Obama named the Harvard Law professor to help build the new Consumer Financial Protection Bureau. Warren, 61, is credited with inspiring the agency, which will have broad oversight of consumer credit products, including mortgages and credit cards.


Read more: http://www.bloomberg.com/news/2010-09-23/consumer-rules-high-frequency-trading-compliance-update1-.html

[postulater]

1. Is there a sales tax on stock trades?

That would be a good place to cut the deficit.

[DCKit]

2. Goldman Sachs would go broke on their front-running if there were. n/t

[postulater]

3. Would that be bad?

[DCKit]

4. I wouldn't even look for my violin.

Banning their front-running would, by itself, increase regular peoples faith in the markets immensely.

I know I'm not the only one who got out when I realized the game was rigged.

[hunter]

5. Tax stock trades held less than a year.

Forcing the market to look past tomorrow would be a good thing.