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James F. Mazzulla wrote:
> 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). 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.
Interesting. I'm not that familiar with what exactly is planned here, but I take it
that one wouldn't necessarily need a "trading terminal" - as long as they were given
the capabilities to log on to the network using some sort of proprietary link provided
by clearing firms, who would be a member (at least that's the way it works with
stocks). I think you're right though that it probably won't become this open right
away - even for professional day traders. We'll have to see - but surely the day will
come when individual traders can interact with the market without having a handicap -
and only then will trading futures start to realize its trading potential.
Regards,
A.J.
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