"I think what we saw on (Thursday) is just the tip of the iceberg," Fisher says. "There is no way this isn't going to happen again and again and again unless we can slow the process down.”
Fisher is hoping that in the wake of Thursday's plunge, lawmakers and the CFTC put together a group of traders and academics and create rules and regulations to slow everything down, especially in times of high distress.
"We're trading in micro-seconds," he says. "In the time it takes to tap your desk, a good trading shop can put out 10,000 orders. That just can't be allowed to continue."
Fisher has a lot of interesting insights. Check out our entire interview. Watch the video now!
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Trader disclosure: On May 6, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (GS), (INTC), (BTU), (NUE), (MSFT), (AGU), (C); Najarian Owns (C) Calls; Najarian Owns (CAT); Najarian Owns (CLF) Call Spread; Najarian Owns (HPQ), Is Short (HPQ) Calls; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (PG) Calls; Najarian Owns (XOM) Call Spread; Grasso Owns (SDS), (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (JPM), (NEM), (PRST), (PFE), (BA), (T), (CSCO); Finerman's Firm Is Short (IYR), (IWM), (MDY), (SPY); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC) Preferred, (BAC), (BAC) Calls; Finerman Owns (GS) Calls; Finerman's Firm Owns (IBM); Finerman's Firm And Finerman Own (JPM); Finerman's Firm Owns (KFT); Finerman's Firm Owns (MCD); Finerman's Firm And Finerman Own (RIG), (RIG) Calls; Finerman's Firm Owns (TJX), (TGT), (WMT); Kinahan Is Short (SPY); Kinahan Is Short (XLF); Kinahan Is Long (KFT) Through Options; Terranova Is Long Gold; Terranova Owns (SWN), (PFE), (XCO); Stutland Is Long (XLF) Strangle, Is Short (XLF) Calls
For JoeTerranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (DRYS)
For Steve Grasso
Stuart Frankel And Its Partners Own (AMR)
Stuart Frankel And Its Partners Own (BAX)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (HSPO)
Stuart Frankel And Its Partners Own (MERC)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PFE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (TRV)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Are Short (QQQQ)
Stuart Frankel And Its Partners Are Short (CL)
Stuart Frankel And Its Partners Are Short (AAPL)
For Brian Kelly
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Owns (TLT)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (GFI)
Kanundrum Capital Owns (AUY)
Kanundrum Capital Owns (LPS)
Kanundrum Capital Owns (CCI)
Kanundrum Capital Is Short (DE)
Kanundrum Capital Is Short (NUE)
Kanundrum Capital Is Short (XOM)
Kanundrum Capital Is Short (SU)
Kanundrum Capital Is Short (HES)
Kanundrum Capital Is Short (AA)
Kanundrum Capital Is Short (CLF)
Kanundrum Capital Is Short (IBM)
Kanundrum Capital Is Short (BCS)
Kanundrum Capital Is Short (DB)
Kanundrum Capital Is Short (MCO)
For Anthony Scaramucci
Scaramucci Owns (C), Skybridge Owns (C)
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