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At 03:02 AM 6/22/98 GMT, James F. Mazzulla wrote:
>On Sun, 21 Jun 1998, A.J. wrote:
>>
Jim
If you can't wonder how people think this whole electronic deal is going to
work.
Then I say it will work exactly how all markets work a buyer and seller is
all thats needed.
The exchanges will provide the major role with specifications, settlements
with all times for opening, closing ,security, rules etc and as they have
before. The whole idea behind open out cry is it was supposed to be the
fairest way to trade and that was true until the Internet and electronic
trading came on the scene. Now its not true the fairest way is now
electronic trading. If you want to buy and I want to sell why have some guy
yell that into a trading pit when our computers going through the same
exchange can do this faster and better. Fact now is the major players can
trade off the bid. In the S&P and that can be a 100 points at times. So you
want to buy are sell this major player can do either and make 100 points
with little risk depending on market direction. You realize that people
were saying the exact same stuff about open out cry when it first started.
The buzz word then was fair, because its the fairest way to make trades its
still in all the exchanges video's today. I don't wonder how I wonder how
long it's going to take the public to wise up because they have the power
in this matter because they have the money. We need the exchanges you
always got to have organization, rules and somebody to police them in order
to have a orderly market, I don't think anybody was saying we don't in the
posts. If exchange seat prices or any indication of how serious electronic
trading is then its coming faster than you think,because there falling by a
half to two thirds in value over the past two years.
Robert
>.......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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