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tradescape.com
Message from the Chairman
Dear Investor;
Thank you for your interest in TradeScape.Com. The focus on the rising markets has to a great extent concealed the monumental changes that are taking place on Wall Street. These changes are affecting virtually everyone including brokers, traders, market makers, as well as individual investors. Perhaps the greatest changes are being caused by the Security & Exchange Commissions (SEC) mandated Order Handling Rules. Essentially, these new rules leveled the playing field for all individual investors, and took most of the advantages away from the professionals.
The two primary focuses on the New Order Handling Rules are transparency and access. The SEC has stated that they want all markets to be transparent, meaning that all orders must be displayed so that all participants may view them. Previously hidden markets such as Instinet and SelectNet would no longer be permitted to operate as such. To make this central market effective, the SEC has determined that adequate access to all quoted prices must become a reality. Effective and inexpensive access to the best quoted prices must be available to all participants. The last thing any Wall Street professional wants is for the public to know the best bids and offers, because with that knowledge it is far more difficult for professionals to make money off of the publics orders.
The implementation of Electronic Communication Networks (ECN's), and the greater competition they have created in conjunction with enhanced transparency, have caused spreads to narrow precipitously. This spread tightening trend will continue until the full effects of decimal pricing work their way through the market. This phenomenon has already caused a dramatic reduction in market makers profitability, which has squeezed brokerage firms' bottom lines to a point where they are now being forced to cut services.
Whether Wall Street likes it or not, new technologies are flourishing in the current market environment. Positive changes are acknowledged and accepted in the industry. The most exciting part, which I believe will have the greatest impact on the future of the market, is Direct Access Electronic Trading. FirstLevel, our proprietary software, allows individual investors the ability to"work" their orders themselves, in the wholesale market place, without the need for any brokers, order clerks, trading desks or the entire wall street bureaucracy. For you, the individual trader, a very bright and proud future is evolving.
I look forward to welcoming you to TradeScape.Com, and to serving you in the future.
Sincerely,
Omar S. Amanat
Chairman and CEO
TradeScape.Com |
