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A couple of years back we actually had to wire the CBOE trading floor
for cable TV. Back in the days of Dan Dorfman we arrived at a very
quick reality that just have UPI, AP, REUTERS and DOW JONES news service
wasn't enough. So to level the playing field we had to place dishes on
the roof to capture CNN and CNBC and rebroadcast it to the trading
floor. This became especially evident during the tobacco and asbestos
litigation...where you had folks in the courtroom with cellular access
who would enter trades to the options floor before the news hit the
tape.
In recent years almost all of the major specialist/trading firms have
built department where the sole responsibility was to organize
communication with their listed names. SPEER LEEDS and KELLOGG, the
largest specialist firm in the country, has an 11 person area just to
manage news and communication with the listings they trade.
No question different users view data differently, but I think there is
little doubt in the trading community that information is clearly "value
added".
If information didn't have "value" then the world could live off delayed
quotes.
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