We’ve Learned from Being Burned
As a former regulator, I know up close and personal how difficult it is to strike the right balance. When the US first implemented them in 2007, there were ripples in the US market and to a lesser extent, the global market. But in the opening trading week of 2016, when the Chinese government employed circuit breakers in a much more closed entry market, the global impact was far more dramatic.
There will be many opportunities to discuss the China market and the tremendous job that lies ahead for the leaders in transforming their economy. We have a great deal of our own work to do here in the lower 48, but suffice it to say, we also have learned our own lessons the hard way and have experience and insights that could have helped prevent this crash.