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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (8051)3/18/2000 2:22:00 PM
From: Dan Duchardt  Read Replies (2) of 12617
 
TFF,

Imagine for a moment if retail/day traders/insitutions traded exclusively on an "ECN" Exchanges leaving NASDAQ/NYSE behind.

I'm imagining that right now. For better or worse, at least it would be a WYSIWYG (what you see is what you get) system. Sure there might be lots of reserve stock one one side or the other of ECNs like INCA, but at least if you saw a quote you could be sure it is not in a dormant phase, so that if you sent an order and you got there first you would get filled.

I can see an ongoing need for MMs and specialists in less liquid issues, and if they are upholding their obligation to provide an orderly market they deserve to be compensated for that by taking a fair spread. But in view of the access to market information and execution systems now available to every investor/trader who wants it, do we really need third party intervention between buyers and sellers on liquid issues? I don't think so. Of course the MMs and specialists have a right to participate in the market just like everyone else, but if they are no longer providing a necessary function, and are really nothing more than traders, let them do it on an equal footing with everyone else. Many of them I imagine are very good at it, and will thrive.

Dan
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