The events of October 28 alarmed me that the small investor could easily get shut out of a buying or selling opportunity because of telephonic and Internet limitations.
I consider this to be the result of the SECs misguided policy on trading curbs. In keeping with the general law of good intentions, it was a dumb idea that actually hurt the small investor because it created a logjam.
I would like to write a letter to the SEC suggesting the following
1. Eliminate all trading curbs and let the market work. The model that the big boys get out while the small guy gets stuck holding is wrong. It's that the small guy can't get in on a buying opporunity.
2. The SEC establish an extensive proxy 800 phone line for trading logjams than can establish a record of attempted trades when the broker cannot be reached. The fees are then charged to the brokerage house after the dust has settled.
3. Fines to the brokerage house to be awarded to the shareholder for trades that cannot be executed.
Please let me know your opinions and I would appreciate your support. |
