Grit is Good
Nowadays, many are questioning the old assumption that greater market efficiency is always and everywhere a public good. Phrases like “sand in the machine” and “grit in the oyster,” which were pejorative before the 2008 financial crisis, are now used to support regulatory or fiscal changes that might slow down trading and reduce its volume.
PARIS – The United States is widely recognized as possessing the deepest, most liquid, and most efficient capital markets in the world. America’s financial system supports efficient capital allocation, economic development, and job creation.