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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Stuart T who wrote (23817)	4/13/2000 10:05:00 AM
From: Stuart T	Read Replies (1) \| Respond to of 57584

Greenspan WASHINGTON, April 13 (Reuters) - Federal Reserve Board Chairman Alan Greenspan warned on Thursday that the resiliency of the nation's expanded equity trading systems has not been fully tested, despite recent volatility in stock markets. In testimony prepared for delivery to the Senate Banking Committee, Greenspan also warned that retail investors should use caution when dealing in illiquid markets, especially when leveraged. "Despite the recent market volatility, the resiliency of our vastly expanded trading systems has not been fully tested and there is a risk of complacency," Greenspan said. He did not comment directly on stock prices, the overall economy or interest rates. Greenspan's testimony referred to alternative electronic trading systems that have attracted volume from more established markets such as Nasdaq and the New York Stock Exchange. He said competition among these trading systems in the short run has resulted in market fragmentation. Greenspan also said it was not the role of policymakers to direct the evolution of stock markets, but they should help ensure that these markets and their participants compete fairly and efficiently