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I have been a floortrader myself for 3 years using outcry in our stockmarket
before be became full computerize. Well...if you are a floortrader and already
know the "ropes"*......
We have a veteran floortrader screaming at the top of his lungs at the exhange
officials when the transition to computerization was happening....he knew its**
all going to end....
*as compared to a greenhorn floortrader all the difference in the world!
**happy days
Ira Tunik wrote:
> 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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