Great Job AAA....and much like Jules Verne's "Time Machine" when the machines and "techno-types" take over, then all the above ground citizens turn into mindless sheep, without knowledge or free will to remember the days before everything was automated for them. Electronic order matching is what we all would like for our "investments" and even the video game of "dancing otc prices" ...but, for a long time to come, I really feel that someone has to take some risk. When my brother was in Egypt, he spent a few days with one of the larger trading firms. They can only place orders, have no clue about "making markets" (they are anxious to learn), and have no real concept about free markets. When everyone "turns off the machines" because there is no marketplace, a sadness will permeate the air, and we will harken back to a time when the Bull and Bear of capitalism ran free and single place markets made it possible for econimies to grow and flourish. But, I'm not too worried, we made it past Jules Verne, and we even lived through 1984 without Orwellian prophecies coming true. And, as support for my discussion, 1987 proved that we not only want, but need human intervention for survival. Fix the system, fire the bad Specialists, watch the merger of OtC and Open Outcry (ala Amex and Naz), and let's all work together to keep Capitalism marching forward for a few decades to come. What I fear most, seriously, is that some of the OtC proponents better beware what they wish for, for if it happens, they will have to find jobs (yuck, who wants a job). (All the above posted in good nature to you AAA, with all the respect you have earned on the board). And, agaain, nice story...!!! Don
Tend to agree with Mr. Bright. As long as people are alive we will trade. When they stifle the free ones, 'black markets' pop up. On the Orwell thing, though, I must regretfully disagree. Keeping markets free is what we've been fighting for in the US for centuries. It's the essence of the Bill of Rights; liberty necessitates property rights.
i hope the tide doesn't turn for the specialist. If people don't like the way the NYSE trades, they should trade Nazdaq, or they can get butt raped by the amex mm's. If the tide truly does turn, it will mean an end to a profitable way of trading for many listed traders. Pls take ecn's elsewhere )
what pisses me off is the "there are alot of jobs at stake..." line.. Yeah, no shit. Why didnt they think abou that when they allowed ECNs to essentially shut down the firms of NAsdaq Marketmakers... I'd say over half the Nasdaq market making related jobs have vanished. Dont cry foul half way, dickhead..
Actually as a poker player, I like the psychology of being at the tables when a tourist sits down with his girlfriend watching him play.
i was waiting for something like this....personally i thought there would be some type of class action lawsuit but i guess they are trying to avoid that...but this seems like an obvious admission of guilt: http://www.boston.com/business/markets/articles/2003/10/23/nyse_to_reimburse_trading_scam_victims/ let's see...hmmmmmmmm ....6 years times "blank" shares a day times .025 cents a share..........hey could i get that in the form of a cashiers check?????
Come on Nitro, you know this answer. (If I may be so bold as to guess why Mr. Stock Lover likes it when a poker player sits down with his girlfriend). 1. Showing off his bravado. 2. Tends to have lots of "tells" like "winking at his girlfriend" with a "watch me" attitude. 3. Tends to bet more than he should. 4. Sloppy playing style. 5. Won't hang around long, so he plays every hand. (Make sense?) Don
Yeah, it looks like current traders may get a good chunk of change. Filings are in I guess, but the wait may be long. We just had one trader get $30K or so from a class action from 4 years ago. Don