The former chairman and chief executive of the New York Stock Exchange, Dick Grasso, has said the stock market is now unfair and should be reviewed.
Grasso, who led the “Big Board” from 1995 to 2003, said in an interview to be broadcast on Sunday that the market chaos of August shows flaws in the stock market, according to Bradley Hope at The Wall Street Journal.
He said in the interview, to be broadcast on “Wall Street Week,” that: “A fast market is not necessarily a fair market, as evidenced by that Monday open.”
His comment refers to the opening of the stock exchange on August 24. Business Insider has previously reported that the NYSE is under attack for the way it handled trading that week, in what was one of the most volatile periods in years.
He also took aim at exchanges selling data to some clients and not others, according to the report.
“Creating an advantage to an institutional user or a particular type of trader that disadvantages the retail investor is bad for the country, bad for the markets, and bad for your business.”
Grasso said that market changes should be designed with “little old grandma in tennis shoes” in mind, according to the report. Grasso added that if “you’ve taken care of her, you’ve taken care of everyone else.”
To read The Wall Street Journal story in full, click here.