I told myself I wasn’t going to watch the RobinHood hearing. I lied to myself though and found my hand clicking on the stream though. Since I found my attention there, I figured I should at least give my $0.02.
I had an idea of what would occur, which was a big reason I tried to avoid it. Luckily, my prediction held up.
For those interested, and for context, the meeting is here.
First, the good:
This hearing was like getting a master class in financial system organization. Everything from settlements, capital requirements, and order flow was discussed. I was even happy to hear them bring up 606 filings (These are SEC Rule 606(b)(3) reports and can be read about here.)
While the 5-minute per representative question period did not allow for anything past the most superficial of discussions, there was a huge amount of written testimony, articles, letters, and other material entered into the record. The witnesses did their best to provide answers, though given the crazy complexity involved in the topic, most got abbreviated or just cut off.
Next, the bad:
As expected, there was significant grand standing by both sides of the aisle. Democrats questioned the actions taken and the adverse impact suffered by ignorant…
