Unrig the game

It is not so much any more that the public does not trust their brokers. They do not trust the markets, the exchanges, or the regulators either. And why should they, given our showing in the past few years? To the public the financial markets may increasingly seem like a casino, except that the casino is more transparent and simpler to understand. I did not see the forces of fragmentation and the opportunity for people to use technology to keep to the letter but avoid the spirit of the rules — creating the current crisis.

The financial markets of at least the world’s developed countries are at a turning point. Technology, market structure and new products have evolved more quickly than our capacity to understand or control them. The result has been a series of crises over the past few years that have caused many investors to lose confidence or to think that the whole system is a rigged game.

Some remarks from the speech by Thomas Peterffy, Chairman & CEO of the Interactive Brokers Group delivered before the 2010 General Assembly of the World Federation of Exchanges, on October 11, 2010. Full speech here. [ht: Zerohedge]

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