The only sure way of making money is through insider trading. That's why all traders are insider traders, real or imagined. The trick of the game is to differentiate a good tip from a malevolent rumor and from a stupid rumor. That's where experience comes in. I have been trading the markets for forty years, and I can smell the bullshit instantly. Insider trading is very healthy, because it helps the markets reach the equilibrium point soon. All insider trading legislation is stupid. You just cannot put all people in jail! Invite me to speak at your conference to explain the whole issue in detail.
Stupid Draft EU legislation to discourage insider trading and market manipulation was discussed for the first time in the Economic and Monetary Affairs Committee on Monday. MEPs focused on how best to define insider information, ensure proper surveillance, encourage whistle blowers and punish offenders.
The cost of government regulation is truly staggering, and it's a barometer of how free we are to pursue our own interests and to determine the course of our own lives, independent of kleptocrats and the cancer of socialism. The cost of regulations is one trillion dollars in USA and two trillion euros in Fourth Reich(EU) every year. The global cost of regulation is six trillion euros every year. Financial costs are not the only burden.
Regulations also result in a tremendous loss of one of our most valuable and limited resources, time. The private sector is spending over 10 billion hours a year just to meet government paperwork demands in USA, and 20 billion hours in Fourth Reich. It is no wonder that regulation discourages the creation of new businesses, new jobs, new products, and new services. Starve the beast by fighting taxes.
This sensitive issue cannot be fully explained in a post, but only is a speech, in that magic eyeball to eyeball contact, baring my soul, and revealing secrets that cause shock and awe. That's why I look forward to the invitation of your organization to speak at your conference. Basil Venitis, venitis@gmail.com
The stupid draft market abuse directive is designed to tackle shortcomings observed in the markets during the financial crisis. It would impose stupid EU-wide criminal and administrative penalties for insider trading and market manipulation. Some EU Member States do not currently impose criminal sanctions.
Any government intervention inevitably leads to more interventions in order to address the crises that are generated by the previous interventions. Ultimately the crises continue getting so bad that the government ends up taking over the entire sector. "I'm from the government, and I'm here to help." Ronald Reagan considered those nine words the most terrifying in the English language. And the government has been offering a lot of such help lately.
The stupid draft market abuse regulation aims to harmonise Member States' existing rules and at the same time update them to suit new trading venues and financial instruments and keep pace with technological progress. Because of the growing integration of financial markets in the EU, market abuses can have cross-border effects that need to be tackled as such.
MEPs welcomed plans proposed in the directive to harmonise sanctions, but stressed that to make them effective, accurate definitions are needed, e.g. of "relevant insider information".
Arlene McCarthy (S&D, UK), rapporteur on both the market abuse directive and regulation, added that both kinds of sanctions, administrative and criminal, should remain in use.
For market players who are not deterred by financial sanctions, Pascal Canfin (Greens/EFA, FR), proposed banning them from the profession instead.
Shadow rapporteur Wolf Klinz (ALDE, DE), worried that the rules on whistle blowing proposed in the regulation could create the wrong kind of incentive for staff.
Mr Canfin countered that whistle blowing would be vital to the success of the legislation.
MEPs shared Ms McCarthy's view that cross-border surveillance must be strengthened in order to capture orders placed and executed in markets of several Member States by multiple parties buying and selling financial instruments.
Great speeches need a rallying issue, such as the one I describe in this post. Great speeches need a serious argument which leaves the audience thinking something new or resolved to act, great delivery that stirs the emotions as well as appealing to reason, and a sense of occasion. My speech at your conference will fulfill these requirements.
Shadow rapporteur Sirpa Pietikanen (EEP, FI), said that real-time, cross-border surveillance, together with access to transaction reports and order books, would be necessary to enforce the new law.
Sylvie Goulard (ALDE, FR), stressed the need for EU-level oversight of abuses and shortcomings, and also EU-level supervision.
Mr Klinz welcomed the fact that using a regulation will ensure that the legislation is implemented exactly as intended, and stressed that it must take account of technological developments such as high frequency trading.
Sharon Bowles (ALDE, UK), agreed, noting that in such trading, even order cancellations are a form of manipulation that should be recognized as such.
Smart words are more effective than smart bombs! Mighty words of a charismatic keynote speaker can transform your people to a new dimension of organizational climate, efficiency, self-actualization, enthusiasm, belonging, and motivation. I would like very much to speak at your conference. Basil Venitis, venitis@gmail.com
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