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Stefan:
The easiest answer to your question is simply that America is not Europe and
American exchanges are not European exchanges. I am not saying one format is
better, only that there are historical differences in the makeup of the
exchanges, their membership and how they work.
In Europe there was an electronic trading revolution. In the U.S. it is an
evolution. I saw the evolutionary nature of the change and started to write
my futures and securities industry newsletter to help people manage that
change.
The change is going on around each part of the financial markets in the U.S.
and the financial services industry. We are on our way towards electronic
trading, but we are going to take a little longer than our European friends.
The CME is probably the most electronically advanced futures exchange in the
U.S. and it has plans to offer some form of electronic trading for all its
contracts by the end of the year. Then we will let the market decide which
format will win in head to head competition on as level a playing field as
can be found.
I am a firm believer in letting the market decide which is the best format.
And in time it will produce a winner. But give us some time and be patient.
There are plenty of electronic markets in the U.S. to trade and we will be
offering even more very soon with the introduction of Single Stock Futures.
We will get there.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it! John J.
Lothian is the President of the Electronic Trading Division of The Price
Futures Group, Inc., an Introducing Broker.
In a message dated 3/25/02 12:28:25 PM Central Standard Time,
prog1@xxxxxxxxxxxxxx writes:
<< 'Scuse me if this sounds naive, but why can't American exchanges do what
their European counterparts (well, at least LIFFE and Eurex) have already
done and say: "All right, from date X the trading floor will be abolished,
electronic trading only, like it or lump it."
So the locals weren't happy. Tough. The users were. That's
capitalism. Why doesn't it work that way across the pond ?
Regards,
Stefan Schulz >>
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