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Gold/Mining/Energy : Capital Alliance Group - CPT (CDNX)
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To: The Devil Dog who wrote (413)6/7/2000 12:30:00 AM
From: keith massey  Read Replies (1) of 960
 
Hey Wayne

Great to see you on the board even if it was misinformation :)

I posted my thoughts on WAMEX a while back but I will repost them since you brought the topic up.

I looked at WAMX a long time ago when first doing my background research and didn't consider them a competitor for a few reasons. They are attempting to develop a "alternative" trading system, similar to Island or XT Market, to link foreign buyers and sellers. What "alternative" trading system do is match single buyers and sellers off the exchanges with no market makers involved, kind of like a backroom trading facility. This can work "in country" on exchanges with huge volume (e.g. NASDAQ) and an example is Island who has been very successful. However you have serious regulatory and liquidity problems when you try and do this for foreign exchanges. WAMX has been plagued from the start with NASD regulations problems since the foreign companies listed on their system must follow various regulations (e.g. they have to file to trade on the new exchange) and the company has been unsuccessful in obtaining a Clearing arrangement or a sponsoring Broker Dealer. Anyone that has traded Island, etc. in after hours trading already knows about the liquidity problems with this type of model. There are already several alternative trading systems between countries and these have been used for years by institutions who want to cross large blocks of stock. In my opinion WAMX won't get off the ground and even if they manage to list some companies it won't have the liquidity to draw any major interest.

Best Regards
KEITH
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