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Hello All,
More thoughts on it.
well i think it shows that what many have considered "the enemy" are
in fact people just like us. they have paid to get an edge and one of
the questions on the series 3 test is: why do the exchanges exist? the
answer: for the benefit of the members.
with the consolidation of all the clearing firms, we may all wake up
one day and not have any choices, that would be very bad for us all. i
personally have never used electronic trading, preferring to have a
competent broker do my orders. i belive that this practice has proven
more profitable, having an order desk specialist work my orders.
these guys provide a specialty service which will be non existent in a
totally electronic trading environment. i for one will miss this level
of service if it goes away. i also am willing to pay for service, a
rare thing in this cheaper is better atmosphere being demanded now
days by the generally new to the trade inexperienced public.
if the truth was fully known, the tricks are still being played
electronically. see the resent comments about omegas clearing
business. some even offering free commissions, sure ask yourself how
do they get paid. in the end everyone has to be paid or there is no
incentive to work, perform or provide a service of any kind.
what a trader needs, is an "in" an "edge" a "contact" a computer is
not going to give you that. however i see already that there is
service being created beyond the coldness of electronic order entry.
it is quietly being implemented and may provide a larger than ever gap
between the in and out crowd. where others belive electronic trading
will level the field let me be the first to expose that in fact.
there will still be the in and out crowd even with electronic trading.
it's not all about size either, though that will have a large effect.
it's still as it has always been, a personal relationship business. as
is i suspect no different as any other service. i am sure i will have
to one day concede to using electronic trading, or have someone do it
for me (most likely the latter). I am actually reluctant to change
though i know it could be better if done properly.
--
Best regards,
Mark mailto:markbrown@xxxxxxxxxxxxx
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