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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: agent99 who wrote (6473)2/12/1999 4:55:00 PM
From: Dan Clark  Read Replies (2) of 12617
 
Goverment supporting the big money???

When I look at this and the previous posting, my first reaction is, "Great, maybe they can get rid of some of the hype." On the other hand...

If I were paranoid, I could make an argument that this is part of a thinly veiled attempt by the large brokerages and financial institutions to stop day trading and direct trading on ECNs by individuals. For instance, does "They also want the GAO to analyze how day trading is conducted,..." and "...what kind of investor protections currently exist." mean that they want all orders to go through a traditional brokerage and other traditional financial institutions?

Currently, I am pulling my money out of one of these large brokerages to trade more actively. My experience with them has been quite poor. Poor execution, poor prices and poor (high) fees. I find it highly suspicious that members of firms that would benefit from this type of regulation are on the investigating committees. Are they worried about the individual investor, or are they worried about their own compensation packages that run to six and seven digits (millions)? Given these "licensed" financial institutions deplorable history in looking out for their customers, one can only wonder about motivations.

What are your thoughts?
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