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"nwinski" <nwinski@xxxxxxxxxxxxxxx> wrote:
<< They stand there with no desk, no cushy chair, no computer, while being
on an adrenaline edge, screaming their brains out, and fellow traders,
spitting in their face, stepping on their feet, jabbing them in the ribs,
seven hours per day. I do not begrudge them one penny for whatever money
they make in accordance with the rules. Then provide a valuable service in
TAKING THE OTHER SIDE OF YOUR TRADES.>>
Norman,
I have great respect for your opinion. Perhaps I do not understand what you
are saying... Are you saying that the purpose of open outcry is to provide
a market? If you are, then I disagree. Markets can be provided
electronically... After all, there is always someone to take the other side
of my NASDAQ trades. No, I really can't give credit to locals (floor
brokers/traders) for taking the other side of my trade.
The purpose of open outcry is, and always has been, to provide market
"transparency". That is, to force buyers and sellers into the light of
day - to force them to state their prices publicly by shouting their bids
and offers for all to hear. That is the current and historical reason for
open outcry markets.
John Bruch
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