Maybe It's All Just Gambling?

摘要

The older I get, the more confused I am. In the beginning, market makers and specialists were manipulative and kept spreads wide. Slow markets were expensive and unresponsive. And research was corrupt, as it was paid for by underwriters catering to issuers. Then regulation and technology clipped colluding market makers' and specialists' wings, fragmentation accelerated exchanges, and the relationship between underwriters and research was severed. Just to ensure "safety," regulators layered on fraud protection (Sarbanes-Oxley), cracked down on money launderers (Patriot Act), eliminated uneven corporate information distribution (Reg FD), and cracked down on pernicious naked short sellers (Reg Sho).