The US stock market is at a crossroads as a consensus of market mavens concludes that high-frequency trading is taking its toll on Wall Street.
The New York Post reports that a new study suggests that millions of prospective finance jobs have been lost since 2000 and countless billions in capital was not created due to the proliferation of robotic trading platforms.
'We would have over 13,000 publicly listed companies today instead of the paltry 5,000 we now have', David Weild, chief executive of Weild and former Nasdaq vice chairman, told The Post. And that has also resulted in subdued volumes, with stock market participants sidelined by a dearth of initial public offerings, Weild said.
Weild also placed blame on Washington regulators, who he said have hugely restrained the number of offerings since rules were changed and amended over the past three decades.
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