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A manifesto for anarchic markets

A debate swirls among those with interests in our financial and commodities markets: “The markets are rigged!” “Nay, the markets are broken!” “High-frequency trading (HFT) is a cancer!” “No, HFT is an invaluable liquidity source.” “Exchanges have prostituted themselves to attract algorithmic traders!” “We need a consolidated audit trail! We need global entity identifiers!” “Regulators […]

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Exchange trading of corporate bonds must wait

Entrepreneurs seeking structural change in the corporate bond market should focus first on creating alternatives to corporate bond mutual funds. I first learned of a supposed, Dodd-Frank-induced liquidity problem in the corporate bond market about two years ago. A friend from an inter-dealer-brokerage firm who knew of my prior work to bring an exchange to […]

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How Ferdinand Pecora helped destroy our markets

As astounding as it is that anyone would accede to statutes criminalizing the raising of crops on one’s own land for personal consumption or invoking mythical creatures to justify the destruction of the free market, the brazen ease with which Leviathan’s handmaidens seduced the American people to acquiesce in such degradations is even more astonishing. […]

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The Exchange Act rests on a false premise

The U.S. Congress contrived a fraudulent device in order to usurp the rights of the people to conduct their own affairs in the trading of securities. The U.S. Supreme Court abetted this unlawful act and served as accessory, both before and after the fact. Through their wrongdoing, these supposed public servants harmed our market relations […]