Wall Street traders on board with proposed reforms

Wall Street traders like proposed financial sector reforms by the Obama administration, especially more transparency to prevent future crises. 

Alan Valdes, a New York Stock Exchange trader, said "we think the reforms are good," after President Barack Obama spoke at Cooper Union in New York on Thursday.

The speech "hit home and all of Wall Street liked it," Valdes told CNN on the floor of the NYSE after the speech. "At least here on the floor I think most of the guys liked it and it wasn't a chastising speech," that people expected.

A lack of transparency, especially in the derivatives market, has given Wall Street "a black eye these past few years," Valdes said. 

Whether tighter financial regulations could've stopped the financial meltdown in 2008 and problems cited at Goldman Sachs, Valdes said he didn't know but "any kind of transparency would've helped." 

The market was down about 75 points today but Valdes faulted the drop on an announcement by Greece that its deficit was larger than expected. 

Obama urged Wall Street to join get on board instead of fighting reform.  

"Only with reform will we avoid a similar outcome in the future," he said.