31–40 of 198 posts
> The New York Stock Exchange has asked the SEC to consider limiting the amount of data collected by the CAT, which would include data on around 58 billion daily trades, as well as the personal details of individuals making the trades, including their Social Security numbers and dates of birth Dropping SSNs for natural persons would be a good idea.
They're names, not passcodes.
> said the same criminals also stole advance press releases sent to three newswire services Yeah I remember the charges against those people too Basically newswire services get hacked and people get the earnings reports beforehand SEC gets hacked and people get the earnings reports beforehand I think public resources shouldnt be spent on that. Prosecute the hacking but just drop the “trading on material non public in…
Insider trading is a balance. On the one hand, we want market prices to be accurate. This means we want people with material information to trade on that information. On the other hand, we need some fairness in a market. This is mostly to ensure people keep trading. In a world were inside-info is commonplace, trading without it is just stupid. This would cut off a lot of people from investing. The line needs to be dr…
The legislature fails to have consensus on this topic and hasn’t weighed in since the 1980s (where it was only to add statutory damages if a conviction was achieved, but no clarity regarding how and when it could be achieved)
And courts strip or uphold nuances various of the agency’s sentiment leaving this to be largely unsettled territory, all while the people that staff these agencies have the same unclear and misguided (when courts later disagree) view on what kind of trading is or isnt prohibited
Other markets are completely exempt: Futures, currencies, metals, nike shoes, non-securities digital assets. I think this aberration for the securities market should be re-evaluated, as it is an expensive dragnet.
Earlier quoted context omitted.
Yes - so they're not released while the markets are open.
Just curious -- why does that matter? In either case there's a single moment wherein people can trade on it. Why is it better for that moment to be at 9:30 instead of say noon?
> The New York Stock Exchange has asked the SEC to consider limiting the amount of data collected by the CAT, which would include data on around 58 billion daily trades, as well as the personal details of individuals making the trades, including their Social Security numbers and dates of birth Dropping SSNs for natural persons would be a good idea.
SSNs were never designed for, nor intended for, secrecy. They're names, not passcodes.
> The New York Stock Exchange has asked the SEC to consider limiting the amount of data collected by the CAT, which would include data on around 58 billion daily trades, as well as the personal details of individuals making the trades, including their Social Security numbers and dates of birth Dropping SSNs for natural persons would be a good idea.
SSNs were never designed for, nor intended for, secrecy. They're names, not passcodes.
Earlier quoted context omitted.
In 2012 Google's 8K earnings filing was accidentally released 3 hours early. https://www.businessinsider.com/google-blames-rr-donnelley-f... Their stocked tanked 10% before trading was halted
But it was an earnings filing in which they did not meet expectations - this strongly suggests that the stock would have tanked anyway, regardless of timing.
Apple struggles with this with almost every product release.
> said the same criminals also stole advance press releases sent to three newswire services Yeah I remember the charges against those people too Basically newswire services get hacked and people get the earnings reports beforehand SEC gets hacked and people get the earnings reports beforehand I think public resources shouldnt be spent on that. Prosecute the hacking but just drop the “trading on material non public in…
I don't understand your argument for not prosecuting MNPI trading. Are you saying that because the general public doesn't understand what MNPI is, the law shouldn't be enforced? Are you taking issue with reason the law exists, or just that the people don't understand it? And what's your basis for saying it's ineffective? From my experience, insider trading laws are taken very seriously by most of the industry.
Yes, they are effective at chilling speech and forms of legal trading. They are not effective at preventing trading on information, for example, the SEC and DOJ secured indictments against Ukrainians and Russians which it will never extradite. Wow a pen stroke after an expensive investigation, congratulations. Fix your damn IT systems if you want confidence in the securities market.
> are you taking issue with reason the law exists
Yes, I am. The industry takes these laws seriously without the SEC because all the SROs already had these prohibitions before the SEC copied and pasted some parts into the Code of Federal Regulations or created 10b-5 convictions that are SOMETIMES upheld by appeals courts before stripping them down in other circuits.
> The New York Stock Exchange has asked the SEC to consider limiting the amount of data collected by the CAT, which would include data on around 58 billion daily trades, as well as the personal details of individuals making the trades, including their Social Security numbers and dates of birth Dropping SSNs for natural persons would be a good idea.
SSNs were never designed for, nor intended for, secrecy. They're names, not passcodes.
> The New York Stock Exchange has asked the SEC to consider limiting the amount of data collected by the CAT, which would include data on around 58 billion daily trades, as well as the personal details of individuals making the trades, including their Social Security numbers and dates of birth Dropping SSNs for natural persons would be a good idea.
SSNs were never designed for, nor intended for, secrecy. They're names, not passcodes.
https://www.npr.org/2018/03/22/596180023/how-social-security...