i was looking up michael lewis's book, the big short. if you are interested in finding out more about credit default swaps, you can watch that interview on c-span.org. guest: i would not necessarily just go to michael lewis. his book gives it one sort of slant on the impact of credit default. who represents the best side or what is the other side? guest: the other side of it, as , you trying to allude to are trying to balance things always guesst just what is going to go up in the marketplace. you can sometimes just what is going to go the other way. host: doug in baltimore, independent. caller: just a comment on discussions of criminal activity in the housing crunch. had all street journal article about a executive who was tarred and feathered but was exonerated and she knowledge that she had made mistakes and maybe even breached contract. from what i have read, i do not believe there was widespread fraud. good point.is a that goes to one of the earlier callers who was trying to find the purpose or who was doing it. i have to believe th

you and your industry are fighting against michael lewis? guest: what feels funny to me is we have delivered an enormous improvements to how trading is done and the markets work export nearly well and yet there is this narrative that exists which i think is unfortunate. erik: the markets work well, it is cheap to trade and i believe you to be right. guest: the fec has created this committee and there are a number of things that could be improved in the margins. individual stock circuit breakers generally work fairly well, just like the circuit breakers in your house. but in a fast-moving, chaotic market when you have hundreds of circuit breakers tripping, they don't turn on back that well. we are looking at making that much more smooth which will end up with more stock trading. erik: part of the problem is the regulators and the industry -- not fixing what may go wrong the next august 24, what ever that happens to look like. guest: that is partly true. the market structure is fairly forward-looking and thinking about what may happen in the f

author michael lewis raised suspicions of something going on .he stock market it accused automated friendsf changes to retraining. todaychatzker was told that they can see automated traders. >> we have delivered enormous improvements to how trading is done. the market is extraordinarily doing well. it is a really unfortunate thing. vonnie: the o'neill conference x,ay, also a proponent of ie creating a stock exchange speedbump. does not need another exchange saying it would be bad for markets. betty: brazil antitrust regulators approved the acquisition of a look agency unit. regulators added a restriction that keeps restraint from additional acquisitions for 30 month, 10 months after the bank announces the plan. leaving the company price, less than a year, germany's biggest bank. the confidence from june 15 after going from medical leave in april. --ty: operating in the night claim of responsibility for blowing up another chevron well. they the fourth attack militants have rejected all offers. they won international oil companies to leave the region and are demanding a greater share from lo

waver for thatag narrative, that story line, it is michael lewis, he published a book., sitting where you sit at citadel , that you are fighting against michael lewis? me is what feels funny to that we have delivered enormous improvements to how trading is done. and the markets work extraordinarily well. and yet there is a narrative that does exist, which i think is really unfortunate. markets work well, it is cheap to trade, let's take you at your word. i believe you are right in this case. it isn't perfect, however. what could be better? jamil: the s&p has created an equity committee to look at improvements in the market. some of the things we are looking at our individual stock circuit breakers. well,enerally work fairly like the circuit breakers in your house. if there are three and four trips a day they turn on well but in a fast-moving, chaotic market like august 24, when you had hundreds breaking, they don't turn on that well. so one of the things we look at is making that much more smooth. erik: part of the problem is that the industry is always fighting the las

i was looking up michael lewis's book, the big short.you are interested in finding out more about credit default swaps, you can watch that interview on c-span.org. guest: i would not necessarily just go to michael lewis. his book gives it one sort of slant on the impact of credit default. who represents the best side or what is the other side? guest: the other side of it, as , you trying to allude to are trying to balance things always guesst just what is going to go up in the marketplace. you can sometimes just what is going to go the other way. host: doug in baltimore, independent. caller: just a comment on discussions of criminal activity in the housing crunch. had all street journal article about a executive who was tarred and feathered but was exonerated and she knowledge that she had made mistakes and maybe even breached contract. from what i have read, i do not believe there was widespread fraud. good point.is a that goes to one of the earlier callers who was trying to find the purpose or who was doing it. i have to believe there

that's -- the whole book michael lewis wrote is not real?thing that we offer. all of our services. whether you pay for them or not. there is no exclusive access that only some people have and others do not have. >> no one can trade faster than somebody else? >> no one can trade faster than someone else. >> isn't that what this is all about? >> is it a level playing field right now? >> absolutely it's a level playing field. the problem is, it's just complicated. we just spent two minutes -- i didn't even fully understand your question and we're experts on this. >> you hear that from a lot of guests. >> thank you, joseph. thank you, joseph. >> it's very, very complicated. >> tom laid out a bunch of things that the nyse has been doing to try to level the playing field which suggests it's not a level playing field. >> i understand what andrew was talking about. the whole book was based on the proximal location of where your server was. and then some people could see something start to happen and get in quick enough to take advantage. it was like

allowing iex's speed bump, that was quite controversial, but iex says will decrease, theme for michael lewis's44 points. >> energy and financials leading the way. let's get to jackie at the nymex. >> good morning, carl. that's right, oil prices going over $49 a barrel this morning. and the strength that we're seeing as bob mentioned is really on the currency play here. you've got a weaker dollar, you've got the basket of currencies that it's measured against a little bit stronger today as these brexit fears are easing a little bit. and that's really why oil is at the upper band of the range we've been watching. but that's been the expectation for the next month or so, so not really a huge surprise on the energy trade. remember as brexit fears do ease you're also going to have concerns about global growth easing as well, that's supportive of oil prices too. meanwhile gold ticking a leg lower and with currency in weakness you would expect gold to be higher. not so much a currency play, more of the safe haven trade coming off a little bit. remember, gold is still pretty much close to 1300 and it

and ceo of iex went at it with an executive in the high frequency trading industry with author michael lewis as well. >> do you think the markets are rigged? >> i think it's really hard to put -- >> he said it in a book. you said it in a book. that's when i knew the markets were rigged. it's disgusting you're trying to parse your words now. do you believe it or not? because you said it. it's a yes or no question. do you believe it. >> i believe the markets are rigged. >> there you go. >> and i also think you're a part of the rigging so if you want to do this, let's do this. >> i really do. >> he said that and he also said shame on you. how do you react to that? >> so -- >> i'll say it again. >> so i think he's outrageous. i think he's part of the problem. >> the s.e.c. is expected to rule today whether to grant iex's request to operate as a national stock exchange. let's bring in bob pisani who was part of that discussion a couple years ago. hi, bob. give me some history here. what has iex been doing? how have they been operating absent this kind of designation from the s.e.c.? >> they're a

michael j. fox raised awareness. in our area, wendy lewisting a golf classic next week to raise awareness for parkinson's disease. >> thank you. actually, you have information from the rates of diagnosis nearly doubled over the last 30 years. there's no cure for par kin sons to work to progress or grow. ironically one of the ways it's being done in our area is through boxing. >> right. >> there's always been this idea, never conclusive evidence, that booking led to ali's fight with parkinson's, but you're using boxing somehow to help slow the disease for people? >> absolutely. so rock city boxing is the program that we actually invested in to help bring to our region. it does slow the progression of the disease by creating an opportunity for you to do rigorous exercise to build your core strength for balance and activity. it's a non-contact group exercise program. one of the great things is that you get a great trainer to get you to workç through the circu and look on the track. >> looking at the video, that's my buddy. i used to train with

it was when we tookhim , mary lou redden, ray leonard and carl lewis and we flew upthe night before . michael for athens greece so we had five american olympians and they turned out to be the greatest living american olympians and that was his last interview on television. martha: we've been looking at these amazing photographs while you've been speaking and i want to play another soundbite that deals with another part of his life and check out this . >> me and other so-called negroes go 10,000 miles away from home here in america to drop bombs and bullets on other innocent brown people who never bothered us and i will say directly, no, i will not go. martha: he was registered for thedraft and took a public stand on it . i've heard other young people , young black went men and women at that time saying just watching him stand up for what he believed in even though it was very controversial obviously gave them a lot of strength. talk to us about that part of his life, jim. >> he sacrificed what no one would sacrifice in this day and age. he gave up three years, his best earning years as the wo

lewis, the most decorated track and field star, mary lieu retten who popularized gymnastics in this country. muhammad ali, the fourth being the greatest and we all flew up a couple of nights before michael phelps, the young michael phelps in 2004 had ever won an olympic medal and we bet on the fact that he would become the greatest swimmer ever and he has. the most decorated olympian ever. and muhammad ali passed the torch in that show to michael phelps and said i'm the greatest, you're the latest. handed him that torch. his last interview he did on national television. >> how incredible for you to have had that first interview of your career, the first real sniffaignificant interview. can you remember interviewing this incredible boxer? >> that was 1978, but i remember where we were and how gracious he was with his time. and he talked about what he wanted to do. he was sharp and fun and witty and he was talking -- starting to look forward to life after boxing at that time even though he had not hung up his gloves. and recaptured the title. but he was talking about traveling all over the world becoming a man of god, promoting all of the peace initiatives that he wanted to through being