In an interview with “Axios on HBO,” New York Stock Exchange President Stacey Cunningham dismissed comparisons between stock market investing and gaming.
Between the lines: Senator Elizabeth Warren recently said that “large and small investors are treating the stock market like a casino” in response to last month’s situation with GameStop, Reddit and Robinhood. Cunningham says Warren is wrong.
How Cunningham responded:
“The markets are not a casino. They are highly regulated and they are heavily monitored … We operate a market that gives investors opportunities to enter, invest in the companies they believe in, they believe they will grow, and then share in that creation … That’s what made this country so big that a dreamer, an entrepreneur with an idea can start that business and grow it by getting others to invest and share in their success. . “
Cunningham also says NYSE officials have not been asked to testify at upcoming House or Senate hearings on last month’s overall volatility, although GameStop, AMC and several other “meme stocks” are trading on the NYSE.
About the topics: Cunningham is strongly opposed to a financial transaction tax that has been hovered as a way to improve even the investor field and even threatens to pull the NYSE out of New York if there were to be such a tax passed at the state level.
- However, she believes that regulators should take a “new look” at demanding more transparency around short positions in hedge funds.
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