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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who wrote (10684)	1/23/2003 2:57:55 PM
From: LPS5	of 12617

Whoever's right, one thing is clear: The retail investor gets a far better deal in the markets than just a few years ago....Edleson says market-makers now have better technology that lets them make trades faster and at lower cost. And that technology is getting cheaper, he says. It's a "better deal"...for now. And that's probably the greatest of all the (numerous) Unintended Consequences arising of the spate of clumsy, shortsighted regulations to arrive in the last half-decade: as it gets easier, faster and cheaper to enter short-term, whimsical transactions averaging a few hundred shares, institutional transactions that originate with bona fide investment vehicles - those of pension funds, mutual funds, and the like - take longer than ever to execute and suffer greater price impact than before. But that's not an effect that one would notice for some years, if they cared to look at all. The spirit of the regulatory initiative (assuming it was purposeful, which is a hazardous assumption in itself) is a philosophical non sequitur as well, since capital gains taxes penalize short-term profits over those defined as being long-term. Oh well; give the people what they want, I guess. LPS5

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