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James:
Well, one project that I know of will actually allow you to have a terminal at
your home or office that literally is an altered Globex II terminal--Altered in
the sense that it has internal limits set by your FCM that only allow you to
trade XX amounts of contracts and have XX open positions. When they are certain
this technology is secure enough for them, they do expect to offer it to some of
their accounts. This would be the electronic equivalent standing on the floor
and trading. And no, to this point there has been no consideration of making
people become limited members. These products are being developed because the
clearing firms know the day will come when they are looking down the barrel at
each other and at that point, thay had better be ready with good systems...or
they'll lose their quality customers.
Tim Morge
James F. Mazzulla wrote:
>
> 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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