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At 03:20 PM 6/20/98 +0100, Adcall wrote:
>Electronic trading edges closer according to the following front-page
article from today's London "Financial Times".
>
>Michael Soliatis
>
>---------------------------------
>SATURDAY JUNE 20 1998
>
>Chicago may consider end to open outcry
>
>By Paul Solman in London
>
>The Chicago Board of Trade, the world's largest futures exchange, is
>positioning itself for a move to full electronic dealing if its
>customers demand a switch from traditional open-outcry trading.
>"We see no reason to change from open-outcry trading, but we will make
>certain we are ready, so that, if we have to move to electronic dealing,
>we can," said Pat Arbor, CBOT chairman, yesterday.
I think open out cry was great in its day but its day is over. Simply no
reason to maintain it or the exchanges monthly user fees, time to change to
per ticket charges. Make trading less expensive to the average person as it
is in stocks now. Let the floor brokers and the commercials go home get
their own computers and compete with the rest of us. I hope the public will
demand a level playing field they certainly can have it today for maybe the
first time in history. The fact that 90% per cent of all the public loses
money in commodities is a figure that will not easily be abandon. It's not
how good you can trade its your advantage point over your competition that
brings those kinds of returns because floor brokers are no geniuses believe
me most couldn't hold a regular job.
Robert
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