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JD,
First a quick story that illustrates the foolishness of resisting change.
The City of Las Vegas, NV. resisted the installation of freeways for a long
time(1960's). The highway traffic was the life blood of the gambling
business. Finally the freeways were built despite objections. Today if it
weren't for the freeways, traffic would be so bad as to cause economic
disaster to the gambling business. In fact there has been proposals to
double deck the strip to solve the traffic problems. Most of the time it
just isn't a good idea to resist progress.
So here's my idea, if it's better for the exchanges to go electronic then
it's better and that’s all there is to it. The value of the seats could be
converted to shares in the exchange. If it's really better no one should
complain about it. If the exchanges don't change when they should, those
seats may not be worth anything over time anyway.
Brent
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> From: John Dundee <jdundee@xxxxxxxxxxxxxxx>
> To: Gw.Gautier@xxxxxxxxxx
> Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: FUT: Electronic Exchange Trading
> Date: Sunday, May 10, 1998 9:22 PM
>
> RT's
>
> Changed the subject of this post to open discussion on this subject. I am
interested in
> exploring ways to possibily support, encourage and speed up the process
of getting the
> American futures exchanges to permit the conversion to electronic
trading. The CBOT and
> its menbers are standing in front of it in a big way. Their trading
advantage, value of
> their memberships and seats are at stake while the remote traders and
public will
> benefit. They will ultimately not be able to prevent it by staying in the
way of
> progress forever. But it is like kind to trying to get tax reform in the
US. The large
> special interests will lobby against and fight it forever if necessary.
Is there
> anything that we as individuals or perhaps collectively as a group of
those of us who
> care can do to organize to voice our support for the conversion to
electronic trading
> with the regulatory agencies and support it with real life examples of
the abuses we see
> and experience everyday trading in a open outcry pit including low
ticking, high
> ticking, quick gun stop slippage, market order fill slippage, no
transmisson of bid,
> ask, volume etc.?
> JD
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