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>Theory and reality. Theory, ET is faster and therefore better. Reality, open
>out cry is dynamic and scalable (very important concepts not easily
>reproduced) and has a proven track record. Reality, too many divergent
Proven yes.
But you keep treating electronic trading like its some kind of experiment.
Look at equities!!!!! And just the US!!!
>The members of the Chicago exchanges can't even agree on how to reallocate
>voting rights to reflect the importance of financial contracts at the
>exchanges. The change that needs to take place must occur a little at a time,
And the financial traders want screens... at least according to Euromoney.
>battlefield. And it takes more than just the best system to win the market
>share. See Apple Computers.
Apple creamed the market. They price themselves like snoots.
When Apple imitations came along, Apple surpressed them, killing market
share with regards to PC. They shot themselves in the foot. Quality vs price.
>There will be pretenders, such as the CFFE, but they will not carry the day.
>They claimed to be an electronic exchange, but you had to initially enter
>orders by calling one of their clerks. They claimed they would have a full
>electronic interface and matching system ready in 90 days from the time the
>exchange was approved. We are still waiting, and waiting, and waiting.
That's why I said CFFE isn't up yet.
Hence, the showdown has properly commenced. Hence the grain traders
at CBOT are petting their backs too soon.
When CFFE's systems are up and running, ...
CFFE's explanation was that they thought it prudent that they going "online"
upon getting approval rather than delaying till their systems are fully up cos
it took them like a year to fight CBOT lobbying against them and it be
harder to
withdraw approval to an operating exchange.
>My money is that the Chicago Exchanges are going to watch what is happening at
>the LIFFE very carefully. The LIFFE is changing to a for-profit status and
>will be mostly electronic trading. IMHO, the Chicago Exchanges have to figure
>out a way to become for-profit entities before Electronic Trading will have
>the full support, or majority support, of the membership behind it.
Self interest will prevail. They won't fight the trend.
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