Good response, Colin. You obviously know what you are talking about.
But, I've got a problem with what you say. I can't dispute that you are probably right in everything you say, and that that is what it will take to get it to arbitration.
My problem is that, first, a small investor is going in way over his head when it comes to an arb proceeding. He is at a complete disadvantage from the get-go, and will probably lose just because he's a tuna in the company of sharks. Not to mention that the loss of a few thousand bucks is easier to swallow than all the hassle of even getting as far as the arb proceeding to begin with.
Next, what you say requires that the investor have access to some pretty sophisticated market info; eg., the time and sales log, average time to execution for a broker, determination of liquidity in a particular time frame, etc. And, where is the investor to get this info? Why, from the broker, of course. Foxes and henhouses come to mind.
So, while I sure can't dispute what you say, I can sure voice my displeasure about the insider system that is designed to screw the little guy and to steal what can't be taken in the normal course of business. Us little guys realize that we are playing on a very unlevel playing field, but are willing to take some risk to play the game. But, when the big boys commit a foul, it is sure frustrating to not be able to appeal to someone who will help. I mean, how rich does someone have to be to be able to "afford justice?"
Pardon the vent, Colin, it wasn't directed at you. You just happened to be standing closest. <G>
jim |
