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I noticed that after you stated "....a buyer and seller is
all that's needed" you added "we need the exchanges...". I
agree but you're still missing one element; a third party to
provide liquidity. They're called locals in the futures
pits, market makers on a system like NASDAQ and it seems to
me they're what everyone is referring to (albeit obliquely)
when "fairness" is mentioned. Fact is they'll always be
around in some form or another, like it or not, to take
their "cut". Even if telepathic trading were possible, it
would be useless if no one was willing to take the opposite
side.
The bottom line is that neither exchanges nor those who make
markets can afford to provide their services for free. We
have as much right to demand that as we do to demand that
Wal-Mart sell their merchandise to us at cost.
WRT seat prices, they're about as volatile as any stock or
futures contract out there. Take a look at what they were
selling for after the crash in 87. Prospective purchasers
pull their bids, seat holders panic and hit anything in
sight, etc........not much different than any other
tradeable instrument.
Best regards,
Jim
On Sun, 21 Jun 1998, Robert wrote:
>..........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...................... 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.
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