Quote from zdreg:
what are you smoking today? get some good stuff.
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Yeah....its summer....in Aug....
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The exchanges need to be defragmented in order to be properly and relevently regulated....
At the moment ....because of the hodgepoge setup....
Those that can.... game the system....
When the fractions went away....and ecns enterred....then all of the other electronic gamers came into play.....the regulators getting even further behind .....
Yeah...they lost the spread....but just created another "electronic vig" to take its place....
BATS has proven the technology for electronic trading ....in that the exchange could quickly become a utility type offering....
The computer banks could be located anywhere in the world....
The exchange is just a time stamp electronic label name changer whereby the transaction costs could be basically nonexistent....
What a long way we've come.....I remember how happy I was to be able to get between the bid ask on a dedicated Instinet machine.....
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What would be cool is a well run, reliable unfettered securites highway....offering a true universal account....all exchanges...all assets classes.....where transaction costs are basically nill....
Nongameable....no black pools, flash orders, etc....
The first time stamp wins the order.....whether its a Chinese or American grandma ....or Pimco.....same price ....same access....
Currency.....language of choice.....with wiki style info...on all securities on the highway....
SS's would be totally unencumbered ....no need for locates....SS total allowance by electronic tags via supply "float" available....
ie.... a stock has 1 billion shares outstanding...then there would be 1 billion available to SS first come first served....whether it was grandma or Pimco....
The securities highway should be more utility like....and not gameable....
All securities should be tax free worldwide...to allow for the most efficient capital.....This would maximize innovation and allow for better wealth distribution by merit....
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It's going to happen anyway.....via the INTERNET......
Trading on the internet is still in its infancy.....
