PARTICIPANTS
Joseph Grundfest, George Shultz, Darrell Duffie, John Taylor, Andrew Crockett, Ken Scott, John Shoven, John Cogan, Johannes Stroebel
ISSUES DISCUSSED
Duncan Niederauer, CEO of the NYSE, addressed the groups on a number of issues. He began by describing the velocity of change that the NYSE had undergone in recent years during its transition towards a technology company. He also offered his views on the regulatory and policy responses to the recent financial crisis. He argued that policy makers should focus on reducing the number of regulators, reducing systemic risk, and thinking about a resolution authority. He commented on proposals for a transaction tax, and problems related to its introduction. He also highlighted the importance of regulating currently unregulated “opaque” markets, including dark pools, rather than increasing the regulation of those regulated markets that had functioned well during the crisis. He also discussed the issues of derivative clearing houses, international aspects of regulation and the introduction of limits on short sales.
