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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: NightOwl who wrote (56)9/10/1996 2:07:00 PM
From: Eric Hovdesven   of 308
 
A late and brief response to your previous thoughts.

This is a bit like comparing apples and oranges but the old "pink sheets" market is what I envision when I think of a market without regulation.

I think I understand your Utopia as a market where the market makers/specialists are wholly independent from the brokers and underwriters. I suppose it could be funded by a flat fee (ie. pay regulators). I am not clear on my knowledge of the CBOE, but my understanding is that they have a system where buyer and seller deal directly, albeit on an exchange floor. So do this without the floor, ie. on the internet. And I guess this would be akin to the instinet, except buyer and seller could never deal directly since you need assurances that the trade will settle, ie. be paid for. However, I suppose that with internet banking, instant settlement would also be possible. But I still cannot comprehend how we could regulate such a system.
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