Gary,
<<.. DO you think these guys are trying to keep a lid on until they can set their positions???>>
You bet..
And a bigger and longer term reason is I think, the old time Big Houses felt like they were "losing control" of the markets in general.. Through all the online trading, an unstoppable move toward pure electronic matching.. No need for MMs or specialists..
Now the move toward decimalization will be put off because an endless stream of old time "experts" , from the houses of course, will troop before the SEC and congress, and state with all solemnity, that the markets are too fragile this summer to do anything as drastic as to go to decimals.. "We have to go slow" they will say, trying to hold off the inevitable, "The longer the better to line our pockets' to paraphrase the Wolf...
And don't forget underwriting, the flack Wit Capital first took by going online to raise money. The fact MMs and specialists can short unlimited amounts, do not have any real margin requirements themselves.. Have proprietary trading within their Houses which inevitably causes Front running of recomendations IMO....Conflicts galore.. A license to print money, they have enjoyed because they have no rules.
Some important changes are in the wind and it is about time.. But as always, the old power structure will fight it to the bitter end and they will pull out all stops to do it while "they still have the power to do it"
Just my thoughts garnered through observations..IMO, the justice department should go after these people before MSFT.
We will see and good luck....c
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