Are financial markets too fast?


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(piano music) - Financial markets operate at ever faster speeds. Critics say that opens up new possibilities for manipulation and prioritizes speed of execution above liquidity and quality. So is the current structure of regulation in the US up to the task? Welcome to "The Big Question," the monthly video series from Chicago Booth Review. I'm Hal Weitzman, and with me to discuss the issue is an expert panel. Eric Budish is professor of economics at Chicago Booth. He's an expert on designing all sorts of markets, from the markets for MBA classes and concert tickets to financial exchanges. His research proposing how to slow down financial markets won him several awards, and started a conversation among policy makers and industry professionals across the US. Sharon Bowen was a commissioner at the US Commodity Futures Trading Commission, the regulator for US futures markets, from 2014 to 2017. Prior to that, she was acting chair at the Securities Investor Protection Corporation, following decades spent as a corporate lawyer in New York. She currently serves on the board of directors of Intercontinental Exchange. Steve Crutchfield is head of market structure at Chicago Trading Company, and a member of the advisory board at the Chicago Board Options Exchange.