If it ain't broke, don't fix it...
The TSE issued a press release today announcing that the all-time record for options trading volume set in October 1987 (remember then?) was broken in April of this year. No cataclysmic events, just solid, steady trading across the board. And this before the vaunted 'marketing' program got any traction... While I am more than willing to embrace new technology like an electronic book to facilitate trading, the current management's myopic rush to create an order-driven automated system cannot be defended under any circumstance. Fairness, equality, visibility, and a level playing field all are abrogated by a dealer market a la NASDAQ. Where is the OSC? Where are the public governors? More on this later.
A delicious bit of theatre this afternoon--there was a TFE board meeting, so I showed up at the exchange tower to go to the boardroom. I was the first one there, and the receptionists looked at me like I was pond scum. I thought they were going to give me a cavity search. Anyway, I finally took my usual seat at the table, across from the door, and down the corridor, who pops out of his office but Fearless Fleming. We made eye contact, and I swear he looked like a deer caught in the headlights. He immediately beetled back into his office, and get this, every other governor who arrived was told to go directly to the boardroom and told not to 'wander around', as it made the president 'nervous'. Boy, uneasy lies the head that wears the crown.
I expect to see a lot of 'fortress mentality' activity before he is finally toppled in a coup d'etat. Not a minute too soon. Get him out before he does any further damage.
I couldn't make this up if I wanted to.
Happy trading.
Porter |
