The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Despite the furor over whether high frequency trading is "rigging" the U.S. stock markets, more regulations aren't necessary, Harvey Pitt, a former chairman of the Securities and Exchange Commission (SEC) told CNBC.
"We don't need more regulation or less regulation. We need smarter regulation," Pitt said. "The rules that are already on the books take care of any of the problems that are raised by high frequency trading."
The publication of journalist Michael Lewis' latest book "Flash Boys," set up a heated debate in the financial world over whether traders using powerful software and algorithms have "rigged" the stock market.
The book details how the founders of new trading platform IEX grew disillusioned with high-frequency trading and what they saw as its legalized "front running" of slower traders.
"I don't think the markets are rigged," said Pitt, who as SEC chairman from 2001 to 2003 adopted reams of rules in response to the accounting scandals of the late 1990s.
"The problem isn't so much high frequency trading. There are quite legitimate uses for it," Pitt said. "What is a problem is when people put in numerous bids with absolutely no intention of executing a trade or having those bids met. All they're doing is trying to test for variances in the pricing of securities so that when they are ready to trade they can take advantage of the information they've found."
On Friday, the Justice Department announced that it was investigating high-speed trading for possible insider trading abuses. Earlier last week, both securities regulators and the FBI said they were looking into potential abuses by high frequency traders, such as front-running trades and "spoofing," or orders which are placed to create the appearance of market demand and which are later cancelled.
"The Justice department can only bring cases against violations of existing statutes. And if they're already investigating that's a very clear indication that they think that they already have statutes on the book that will make certain conduct unlawful and result in successful prosecutions," said Pitt, who is currently the CEO of Kalorama partners, a Washington, DC- based legal compliance and corporate governance consultancy.
Pitt noted the Department of Justice is considering whether some traders are getting faster access to information. "That would be tantamount to regular insider trading and is already a violation of law. And putting in bids that you don't intend to have executed, in my view, is market manipulation, and is already a crime under U.S. law."
Pitt noted the SEC brought spoofing cases against some traders while he was chairman of the SEC in 2001.
"There is enough regulation on the books," he said. "It just has to be enforced."
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter