Quote from Don Bright: If the "lawyers" as opposed to the "traders" try to decide, God knows what we'll end up with. Having spent hours on the phone with regulator/lawyer types discussing the various nuances of complex trading markets, equities and derivatives, I have seen first hand that some major education needs to take place before we can expect to see a positive outcome for the American people and traders alike. Wouldn't it be great if, in order to practice before the SEC or the exchanges, securities lawyers had to spend a day each with a floor broker working orders, with a spec running a stock, with a big Naz MM, with a prop office, and with a professional retail trader? They'd actually be able to understand what the effect of their work is on the people that have to live with it. Of course, Congress isn't any better. Some of those guys must be from that planet that Kang and Kodos are from (why can't I remember the name?)
I agree whole heartedly. my friend with a mba is also a lawyer at the SEC. Everytime I speak with him, I see he works under misunderstandings about what actually happens. Don if you know anybody who needs a lawyer with a series7 and trades everyday to lobby these guys I would consider that a great supplemental job.
- for the fault is not in our stars, but in ourselves- agreed....i come from fx where mktmakers are blamed for every loss....and then i became a marketmaker!, if you cant take the heat, get the f*** out the kitchen!
"..for the fault is not in our stars, but in ourselves- agreed....i come from fx where mktmakers are blamed for every loss....and then i became a marketmaker!, if you cant take the heat, get the f*** out the kitchen!" vox_lucidus Abso-fu*king-lutely. If the specialists were to be replaced with an electronic system then mark my words. The melodramatic nancies now complaining are really going to get right royally screwed with order queues, partial fills and all the other electronic hassles and minefields that knock the guts out of the independent small trader trading stocks.
so what - the replacement will also be a racket. in terms of profit potential - for indie traders - nothing at will change with the disapperance of specialists.
Classic post. First they complained about the specialists - now so called "HFT" is the cause of all their problems!
Is your friend the SEC attorney whom Madoff married his niece to? After screwing Madoff's niece, your friend ignored the findings he got from Madoff's firm as well as the letters written by the Greek guy. Is that true?