If you pay peanuts, you get monkeys. That has long been the mantra of the financial industry when bankers want to defend their out-sized pay.
But could it be time to give this adage a new twist, and apply it to the structure of the equity market – at least in the sense of asking investors to pay higher upfront trading fees, to build a less costly financial system?
That thought is posed in a letter from Ted Kaufman, a Democrat Senator from Delaware, to the Securities and Exchange Commission and the Commodity Futures Trading Commission, which calls for radical reform to equity markets after the recent “flash crash”.
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