That is correct jeuco2005.... Furthermore....Globalization is impossible without a truly universal account.... There are no universal accounts ....and there is not a universal securities exchange as such.... However this is changing....One already sees the pieces of it.... The exchanges are going to become 100% electronic whereby the computer banks could be anywhere in the world.... Fiber optic is even being deployed in some third world countries.... Truly one should be able to access one's universal account and be able to protect one's self from their own country's flaws.... And I do not mean FX accounts....I am talking about "cash and interest" of currency that one prefers....when one prefers it.... You want to own US stocks via currency 1, then you transact in currency 1.... Furthermore the days of the "broker" and "advertising broker" are numbered.... A broker can handily be replaced by a few well thought out web pages....Information can be boilerplate factual and accessible by all....Mutual funds, hedge funds can be just another $10 stock that reflects their management.... Quite frankly....proper globalization is impossible without a "proper universal securities account".... It will be companies like IB, Genesis, BATS and Google...and WiKi....who will be delivering this.... Wall Street has gone the way of the Edsel Automobile... Also securities commissions should be no more than 20 cents per 100 shares......and margin could be modified to 1x2x3x4x shares....with no account minimums and no commission advantages to any party regardless of size....The shares will reflect the allowed margin....and there will be regulated size levels and ownership levels.... The days of the $5 to $15 per transaction advertising brokerage models are numbered........ The future is BATS....and boilerplated information...ie Google, Wiki....
So whataya say there Gnome, let's move to a caribbean island and set up a trade shop, get away from the toilet bowl. I always thought it would be cool to have fruit trees growing wild like we have oaks; mangoes, papaya, avacado to pick fresh everyday.