25 November 2013

Jobs, stock market, inefficiency

To create jobs, the stock market needs a little inefficiency - The Term Sheet: Fortune's deals blogTerm Sheet: " . . . As part of the JOBS Act (passed last year), the SEC was asked to study the effects of decimalization on liquidity in the small cap market. To date, the SEC has held a series of public hearings on the topic but has not implemented any formal changes to the capital markets.
As co-chair of the Equity Capital Formation Task Force, I am calling on the SEC to implement a multi-year pilot program designed to demonstrate that increasing the trading increments for small cap stocks from $0.01 to $0.05 will, in fact, increase trading liquidity in these markets -- thus driving higher volumes of small cap IPOs, growing jobs and creating attractive investment opportunities for 58 million households. No doubt market efficiency is a laudable goal, but not at the expense of simplicity, and not if it means the collapse of a market that holds the key to sustained U.S. job growth, economic development and technology breakthroughs."
--Scott Kupor (managing partner at Andreessen Horowitz)

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