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On Sun, 21 Jun 1998, A.J. wrote:
>>.......If you want a fill at the inside bid or ask,
>I just click on it. If you want to go inside the spread, you want the whole world
>to know about it, in big neon letters <g>.
I've been reading a lot of messages concerning this subject
and can't help but wonder how people think this whole
electronic deal is going to work. The impression I'm getting
is that some believe they'll have the ability to pick off an
MM or even become one themselves (by entering their own
bids/offers into the system). Not a problem =except= I don't
think it's exactly what the exchanges have in mind for their
major products (at least not with respect to Globex and
Project A). For the aforementioned, you're going to need a
trading terminal provided by the exchange which will entail
purchasing/leasing a membership or, at a minimum, obtaining
a permit. IOW, a free-for-all will not begin if and when
open outcry ends.
Best regards,
Jim
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