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Politics : Formerly About Advanced Micro Devices
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To: Yousef who wrote (49733)2/16/1999 8:27:00 AM
From: Bill Jackson  Read Replies (1) of 1571031
 
Yousef, I did hold AMD for part of the recent runup to 31 but sold at 28 prior to the peak as I wanted the money for another stock. SInce I am often away for days I rarely day trade and being in Canada the cost per trade is higher, even at the on-line brokerages, which makes day trading profits harder to achieve.
One fine day we will eliminate the brokers and trade among ourselves via an electronic 24 hour secure system with the certificates being held in on-line depositaries, eventually the certificates will become electronic in toto.
The brokers will fight this tooth and nail, but it will come. I have heard that it has come to some areas, but I have never seen it in action. Some of the on line auction houses have a buying system that works this way for sales. Changing it so a person at one of those auctions could sell as well as buy one of those items and then make the item any number of identical items and then make them shares and you will see such a system.
The auction system acts to verify and sequester the shares that are offered and transits the funds to the client and the shares to the buyer, skinning their fee off the funds as they pass through.
With regulatory permission this could bypass the brokers entirely like the old curb exchanges where people did trade shares for cash. In time the brokers and regulators pushed the people out to the fringe and secured the sole right to be the intermediaries for stock sales as there were many frauds and thefts when bearer paper was handled.

Right now at $7 per trade or an in-out of $14 if you make a $$5000 trade it(say 1000 shares at $5/share) this is about .3% or a swing of .015 and most stocks have enough jitter to make this viable to watch and day trade with some kind of program. Of course enough daytraders constitute a buffer that actually stabilizes the price. Right now i pay $40 Can($26 US) for greenline 0r $52 or about 3.3 times what they pay in the USA. so the jitter I need to break even is around 1% which precludes many stocks from day trading. Brokers love day traders here as they thrash their account and feed the brokers.
I think there will be some lower e-trade mechanisms here soon as there is demand for them, even as the brokers fight to keep them out.
Bill
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