July 08--WASHINGTON, D.C. -- A Baden native will testify Tuesday before the U.S. Senate Banking Committee to urge Congress to strengthen regulations for stock markets to prevent abuse from high-frequency traders.
Georgetown University professor James Angel will testify as one of seven expert witnesses at the hearing, which begins at 10 a.m. and will be broadcast live at banking.senate.gov.
He plans to testify that stock markets need stronger and smarter regulations to protect against abuse by high-frequency traders.
"Our regulatory agencies are slow and fragmented," Angel said Monday, calling them a "very confusing hodgepodge."
Angel will call on Congress to begin a serious debate about how stock markets are regulated and suggest regulatory bodies should be organized based on function rather than institution.
Among other suggestions for Congress, Angel wants to attract more talent to the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission by moving their offices to New York and Chicago, closer to the the United States' financial centers.
Today's hearings were prompted by the recent exposure of abuse by high-frequency traders, particularly since the publication in March of "Flash Boys," by Michael Lewis. In his book, Lewis alleged high-frequency traders have "rigged" the stock market.
Angel said Tuesday's hearings are not about any specific bill in Congress but are supposed to help Congress "figure out what to do" about abuse in the financial markets.
Angel grew up in Baden and attended Sewickley Academy before heading off to CalTech for a degree in engineering. He then began working for Pacific Gas and Electric before earning his MBA from Harvard Business School in 1985. He earned his doctorate from the University of California at Berkeley in 1991.
Angel eventually began studying financial markets and stock exchanges and has been a professor of finance at the McDonough School of Business of Georgetown University since 1991. He also has been a visiting economist at the Shanghai Stock Exchange, chairman of the Nasdaq Economic Advisory Board and has been awarded 11 patents for trading systems.
(c)2014 the Beaver County Times (Beaver, Pa.)
Visit the Beaver County Times (Beaver, Pa.) at www.timesonline.com
Distributed by MCT Information Services