Rep. Scott Garrett, chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises (which oversees the SEC), is holding a roundtable Monday in Washington on what, if anything, should be done about the way stocks are traded in this country.
I know, you've heard this before. In the wake of Michael Lewis' book "Flash Boys", there have been several hearings in Washington. This one is a little different, though. Here's why:
1) The 19 people attending are the cream of Wall Street's trading community. The heads of all the exchanges will be there, including many of the biggest market makers/brokers and key industry representatives. Everyone who knows anything about market structure will be part of the parade. You will probably never get all these people in the same room again.
2) The man putting on the event, Garrett, R-N.J., is well-regarded by the Street as a thoughtful lawmaker. What does he want to accomplish? He says his goal is to "produce more efficient markets, less investor confusion, better competition, and increased job creation."
Fair enough. Last year he held a similarly well-attended roundtable from academics; this time he wants the Wall Street community to weigh in. What he seeks is to forge a consensus on what, if anything, should be done. So what should we expect (or not expect)?