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I see the development of SSF as a consequence of the segregation of the
futures business from the securities business. The amount of separation
betwen the two on the retail level is fairly remarkable, given the
current state of technology. IOW, there is really no good reason for SSF
except that the futures business wants it because they can't get what
they want/need from the securities business directly. (As an example,
compare the process of processing trading and margining for futures with
that of securities, and also the soap opera that is the move to STP.)
What really makes this comical is that many of the major players on both
sides are the same firms, just different departments within them.
Regards
DanG
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