Andy Haldane
speaker
76 appearances
3 recordings
1 series
first heard Dec 2010
last heard Aug 2012
Andy Haldane’s voice in public audio — every appearance, attributed to the second.
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Appearances
We see mini flash crashes all over the place.
Academics have spotted thousands of them.
And that is telling us something.
That's something to concern us because it's a signal that this is a system that we don't really get.
We can't really peer into.
It's the blackest of boxes, actually.
We shouldn't wait for the equivalent of the space shuttle disaster before remedying the situation.
We already have enough lights on the dashboard flashing red to want to do something differently.
There's at least two or three relatively simple things that could be done.
I think one of the most straightforward would be debunking
On occasions when things are spiraling out of control, we ought to be able to stop the clock.
That timeout period will allow prices to be reset, algorithms to be adjusted, perhaps even turned off, and the market to restore some semblance of stability.
So circuit breakers, when spiraling is happening, can help prevent a bad situation becoming calamitous.
I'm slightly surprised at the idea that they don't already have these.
In the United States, after Flash Crash, they strengthened the circuit breakers they had.
The events of the last week have demonstrated that the circuit breakers they have may need to be thought about a little bit more rigorously than they have been.
And within Europe, we haven't quite got the equivalent of those circuit breakers in most markets at the moment.
So I think there's
There's work there still to be done.
So what are the others who?
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