Wall Street Traders In No Mood For A Change

Government regulator’s efforts to safeguard the trading system to avoid last week’s “flash crash” from happening again seem unlikely to bring any change in the near future. According to the Wall Street Journal, Wall Street traders are not in any mood to change their trading styles any time soon.

Mary Schapiro’s statement during Congressional hearing reinforces the notion that traders should be allowed to do what they have been doing. According to Schapiro, no one event or trading system was responsible for the market meltdown last Thursday, when Dow Jones industrial average tumbled by 600 points. But the SEC chairman agreed that there is certainly a need for high-frequency, algorithmic trading models, which she said can be “very effective in providing liquidity in normal trading conditions.”

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