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Having been a floor trader I will tell you, in an arbitration, it is usually
the public that comes out on top. I could tell you some horror stories of
just how rampant the abuse is by the so called public. You think being a
floor trader is just about ripping off the public. You sit at home and do all
of your analysis, as do the funds, investment clubs, banks, retirement
funds,commodity and brokerage houses and then make your trades. You select
the trades that you want to take and the ones that reject. You are very
selective. The floor trader is taking the other side of all your trades. How
would you like to stand there, be forced to make a market, and take the other
side of everyone else's trade. Try it for a day and I think even your laundry
man won't take your shorts for washing. Ira.
felixty@xxxxxxxxxxx wrote:
> The only justification left for open outcry is for the floor traders to
> make a living off the public specifically the off floor trader wannabees,a
> few hundred dollars with no risk a day is nice way to make a livingfor the
> floortraders, you know. Also lesser fill disputes potential as in real
> time live computer trading,what you see is what you get. Also these so
> called disputes...guess whose side the exchnages or arbitration commitees
> will side
> on/sympathetic and waste everybody's time. Open outcry leave holes for
> floor people to steal no wonder they be figthing tooth and nail against
> full computer trading to the bitter end (last minute) and yes they are not
> there for charity either.
>
> Let's hope someday we'll all be computer based. whether for the local
> exchange only or integrated exchanges worldwide...maybe...just maybe...the
> little guy (whatever his trading/analyzing "religion maybe..") may finally
> get a chance....
>
> Just my opinion...
>
> Mervin Yeung wrote:
>
> > Dear Jim & RTs,
> >
> > Do you know which Exchanges in the world are open outcry and which
> > Exchanges on the planet are using computer to do the job? I want to
> > know where I can find the information on this topic. I want to know if
> > computer system is superior to the open outcry. I heard Hong Kong has
> > switched to computer system. However, in America, people in Exchanges
> > prefer to maintain the tradition. Open outcry must have some
> > advantages. Any comments?
> >
> > Thanks in advance!
> >
> > Mervin
> >
> >
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