This article first appeared in Bloomberg Technology
The U.S. stock market is already spread across dozens of trading venues, so attempts to open more don’t make sense, said Richard Prager, head of trading, liquidity and investments at BlackRock Inc.
“I struggle with the basic concept of how does another venue help?” Prager said in a Bloomberg Television interview Wednesday. “We need to bring the pendulum back.”
He spoke as IEX Group Inc. awaits word from regulators on whether it can open the 13th U.S. stock exchange. Prager declined to comment specifically on IEX, whose quest to make markets more fair was documented in Michael Lewis’s “Flash Boys.”
“I hope they’re looking at the equity market,” Prager said. However, “It’s not going to go there 100 percent.”
BlackRock made a splash in 2014 by arguing that the corporate bond market is “broken.” Earlier Wednesday, a group of investors, though not BlackRock, issued a mission statement documenting how they’d like the bond market to evolve.
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