Apparently no one at the SEC tipped off John Thain that they are looking into the alleged problems with the hybrid trading system.
John Thain, head of the New York Stock Exchange, told CNBC's Bob Pisani that there is no investigation by the Securities and Exchange Commission of trading problems at the the Big Board during Tuesday's market selloff.
The comment, which Pisani mentioned on air, appeared to contradict a Wall Street Journal report earlier Thursday that the SEC is looking into whether the NYSE's shift toward electronic trading affected its ability to handle a surge in trading volume.
Citing a person familiar with the matter, the paper said the regulators are concerned that capacity issues may have exacerbated the Big Board's woes this week.
We assume that what Thain means is that the SEC has not launched a formal "enforcement action" against the NYSE. But it stretches credibility to say that the SEC is not at least looking into the alleged problems with the hybrid system, especially since those problems have received so much media attention in the last couple of days.
And that should just about conclude our "All Thain, All The Time" coverage. No one should really have to read that much about John Thain this early in the day.
CNBC's Pisani: Thain Says No SEC Probe of NYSE Trading [CNBC.com]