From: Zenarchy (J.R.Molloy@shasta.com)
Date: Tue Dec 01 1998 - 20:06:44 MST
-From: Max More <max@maxmore.com>
>Competition. If one exchange computerizes, speeds up transactions, and
>reduces bid-ask spreads, it puts pressure on the others to follow.
I forgot that the NYSE has to compete with other exchanges. But investors
still have to go to a particular exchange to trade a particular stock, don't
they? (I don't play the market, so I wouldn't know.) Does the fact that the
NYSE holds, or has exclusive right to trade, many premium blue chip stocks
explain why it has managed to resist computerized trading? Or do the traders
themselves, and the brokerage houses, make these decisions? Who owns the
NYSE? It functions as a corporation itself, right?
(If these questions seem unintelligent, just ignore them. But maybe you can
suggest a tutorial?) -zen
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