I hope that pit-trading, specialists and all type of folks that actually steal money from traders around the world will disappear. Fast electronic reliable markets should replace them as soon as possible.
Please (please) understand that I am no fan of the AMEX or its execution methods....I am simply glad to see some headway into allowing listing of OTC issues....I am all too familiar with the "thieves" you refer to....but things do change, and I am hoping that the AMEX is going in the right direction. Don
The single marketplace will allow for "opening only" and "MOC's" which is such a big part of the "easier trading" plays, that I am hopeful for more of such markets. Not trying to get into a "listed vs. OTC" debate at this time....I'll save that for when the results are finally in on the Super Montage, and all the orders (may be) are drawn back to the "good ol' boys" MM's. We shall see... Don
All of this will probably end up with an hybrid system. Something like the Euronext and its siblings. Most of the time, this exchange works like the Nasdaq. But, in case there is an important imbalance is selling vs buying pressure in the trading day, it goes in auction mode ("dynamic resa") , although no specialist is involved. It also goes in auction mode + halt on more severe cases (profit warning during the trading day, or the 9/11 events, for instance). There is no premarket. So it looks like a NYSE and NASDAQ mix, although entirely electronic, which seems to provide, at least IMHO, a fairer market to every participants. OHLC