Reuters reports that US lawmakers are incensed that over 2 weeks after that dramatic 1,000 swing in the Dow in a matter of minutes on 6th May, regulators and exchange professionals are still 'grappling with half a dozen theories and have not ruled anythnig out'.
The news agency quotes Republican Senator Jim Bunning, who said: 'If they don't know the exact cause, how in the heck do they expect investors to have confidence in the markets ?......They don't have a solution yet. It could happen again'.
In the meantime, The New York Daily News reports that hedge funds look more and more likely to move their operations outside Europe as, not only is it more cost effective operationally to set up shop in Asia, but the new European regulatory environment for hedgies is making the region very attractive.
The newspaper quotes Lionel Martellinin, Director of the EDHEC Risk & Asset Management Research Center, who said: 'Asia, and Singapore in particular, could definitely benefit from the stupid regulatory environment in Europe'.