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You can think “there should be a law” without endorsing the reckless and inconsistent ways that Indian regulatory agencies make up laws.
by benced 1y ago
You can think “there should be a law” without endorsing the reckless and inconsistent ways that Indian regulatory agencies make up laws.
- zaptheimpaler 1y agoNo, India does not view things exactly the same way the west does re: the rule of law vs. institutional power. The regulator has broad authority to stop market manipulation and support from the public that we do not want HFT style manipulation skimming money from everyone else in our markets. SEBI does not need to wait for a precisely worded law for every single type of market manipulation that will take years to pass and then be sidestepped in months on some technicality. They stopped bad activity quickly only because they have some actual power to make judgements and enforce them.
- msgodel 1y agoThat's why the Indian state looks the way it does. Which is fine, that's how the Indians prefer it. Not every place needs to be the same.
- ToxicMegacolon 1y ago> Which is fine, ... Not every place needs to be the same. Exactly. Which is why certain country is fine with their school kids being shot at with assault rifles as long as they have freedom™
- jojobas 1y agoNathan Anderson would have a word. It's just tribalism.
- udev4096 1y agoThere is no fucking way he published those articles without being crooked himself. It's like they say, "no honor among wall street assholes"
- jojobas 1y agoWe can survive traders of questionable morals, especially if there's proper government; having a wall-street-asshole-tier immoral regulator is a one way street.
- throwaway2037 1y ago> HFT style manipulation skimming money from everyone else in our markets This is a pretty bold statement. Do you have any evidence for market manipulation by major market makers? Else, it just reads like tin foil hat.
- whattheheckheck 1y agoDo you have any evidence of it reading like a tin foil hat? Otherwise it reads like someone doing that practice or servicing someone doing that practice and skirting responsibility
- zaptheimpaler 1y agoLiterally the case in question here is a crystal clear example of manipulation? What possible value does this trade provide to any other market participant, and where do the profits come from if it doesn't provide value? More importantly, there is a lot of debate around what value HFT provides to markets, all I'm saying is that in general the Indian public does not believe its a net positive and SEBI acts accordingly. Maybe you disagree, that's fine.
- pgwhalen 1y agoThe SEC has similar autonomy in regulating that you describe. Congress does not legislate the rules that the SEC holds firms to.
- mlrtime 1y agoNot entirely true, Operation Chokepoint 2.0.
- pgwhalen 1y agoI'm not sure how this is related. The so-called "Operation Choke Point 2.0" (which as far as I can tell is just a term used by the Trump administration to describe behavior of the Biden administration) is about bank regulation, which is not under the purview of the SEC.
- DrillShopper 1y agoThey (presumably) do after Chevron deference was killed
- pgwhalen 1y agoI don't think this exactly the takeaway of Loper Bright Enterprises v. Raimondo. It just means judges have more power to weigh in with their own opinions when there is ambiguity involved, not that all the specifics of implementation _have_ to be specified to mean anything.