In an interview with Axios on HBO, New York Stock Exchange President Stacey Cunningham rejected comparisons between stock market investments and gambling.
Between the lines: Senator Elizabeth Warren recently said “investors large and small are treating the stock market like a casino” in response to last month’s situation with GameStop, Reddit and Robinhood. Cunningham says Warren is wrong.
As Cunningham replied:
“The markets are not a casino. They are highly regulated and monitored … We run a market that gives investors the opportunity to invest in the companies they believe in, who they believe will grow. and then be part of that wealth creation … That made this country so great that a dreamer, an entrepreneur with an idea, can start and grow this business by getting others to invest in and participate in its success . “
Cunningham also says NYSE officials have not been asked to testify at upcoming House or Senate hearings about the volatility of headlines over the past month, despite GameStop, AMC, and several other meme stocks trading on the NYSE.
To the topics: Cunningham is strongly against a financial transaction tax, which was introduced to even improve the investor field, and even threatens to pull the NYSE out of New York if such a tax is passed at the state level.
- However, she believes regulators should take a “fresh look” at demanding more transparency about hedge funds’ short positions.