Market Participants Quotes

When you look at a commodities market you need hedgers and speculators. If you don't have one, you don't have a market. That's how it works.

It's important for market participants to have a sense of how we think about the economy and the appropriate path of policy, to look at incoming data, and to form their own judgments as to whether or not changes in policy would be appropriate.

The TMPG is the place where market participants recognize and address their responsibilities to each other.

Regulatory creep usually starts with calls for 'regulatory parity.' The mantra will be, if you are going to impose certain regulations, then it is only fair to stick it to all market participants equally.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

It is better to have a cat and mouse game where the cat has the upper hand than a cat and mouse game where the mice are ruling. Because the latter means that the market participants are given free range. That was actually the big misconception of our national hero Ronald Reagan, who always talked about the magic of the market.

Fundamentally cheap stocks are often held in low regard by market participants. Something may be tainting their perception in investors' minds.

The idea that big buyside firms are going to come in and trade mano-a-mano with high-frequency trading firms shows a lack of knowledge of the business.

However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.

Another point is that ultimately, as far as the budget is concerned, of major importance is who offers more money during the bidding that must be organized as a part of the privatization process. In this sense, we cannot discriminate against any market participants, not one of them, but this is not relevant at the moment, as the Government has decided to postpone the privatization of Bashneft.

The long-term focus of index funds is a much needed counterweight to the short-termism favored by so many market participants.

This issue is not economic but political. I hope that all market participants interested in maintaining stable and reasonable world energy prices will finally make the right decision.