Scott Fitzgerald: “If someone is operating a corrupt exchange and there is no price…”

On the recordJune 10, 2003

If someone is operating a corrupt exchange and there is no price discovery and no regulation, isn't it true that a customer could call into that exchange and say, I want to trade oil at $30 a barrel, and the broker could tell them he could get some oil at $35 a barrel and just require the customer to pay more than that customer really should have had to pay because the market wasn't that high, there is no way for the customer to know what the real market price is? The broker could make up a price and then keep the difference for himself or for the exchange. Isn't that correct, if there is no price discovery?

Said by

Scott Fitzgerald

Republican · Wisconsin

Source

govinfo.gov

Editor's note · Context

Discussing the implications of unregulated exchanges on market pricing.

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Scott Fitzgerald: “If someone is operating a corrupt exchange and there is no price discovery and no regulation, isn't it true that a…”

Editor's note · Context