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I assume this was said tongue in cheek because if the inmates aren't running the
exchanges, I don't know who is. The exchanges exist to serve their members first
and the public second. Stock traders have been very fortunate that the SEC has
been so strong in insisting on a more even playing field for non-members. Leo
Melamed (sp?), who was at the center of the old power structure at CBOT (ex
chairman et al), has been virtually tarred and feathered (and literally
threatened with death) for pushing the introduction and expansion of electronic
trading.
Earl
-----Original Message-----
From: A.J. Carisse <carisse@xxxxxxxxxxx>
To: Omega List <omega-list@xxxxxxxxxx>
Date: Sunday, June 21, 1998 2:49 AM
Subject: Re: Chicago may consider end to open outcry
>efficient mechanism. This cannot be a problem, though - since exchanges exist
>fundamentally to efficiently serve traders by facilitating the buying and
>selling of financial instruments, and to block this efficiency in favor of
>catering to those few who have an economic interest in an outmoded status quo
>would be corrupt and a breach of the exchange's mandate. This would be a case
>of the inmates running the asylum.
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