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To: LABMAN who wrote (9193)	11/4/1999 8:09:00 PM
From: Pullin-GS	Respond to of 13953

EGRP is indeed showing some welcome strength.... I loaded up on AMTD shortly before the close due to recent weakness and lack of interest relative to other OLBs today...they are sure to follow shortly in a big way if EGRP busts loose. AMTD is just a trade. EGRP is my long term play of the two. There is no comparison here.<G> Regards...

To: LABMAN who wrote (9193)	11/4/1999 10:13:00 PM
From: LABMAN	Respond to of 13953

Goldman Sachs CEO Proposes Single E-Stock Market By Reuters, 11-04-99 15:59 BOCA RATON, Fla., Nov. 4 (Reuters) - U.S. brokerages and stock exchanges should form a centralized electronic stock market to ensure investors get the best possible prices when they buy and sell shares, said the chief executive of investment bank Goldman Sachs, Henry Paulson, Thursday. ''The market structure we are envisioning would be an electronically driven market -- a single network, as it were, linked to every market and trading venue,'' Paulson said in a speech at the securities industry's annual meeting in Boca Raton, Fla. ''The driving principle must be competition: competition that ensures efficiency and fairness, that ensures every investor 'best execution.''' Paulson, however, stopped short of predicting the immediate demise of people working on the nation's trading floors, specialists or floor brokers. In response to questions, he said the most heavily traded stocks are likely to be traded electronically while other shares still would need a live broker who creates a market by offering to buy and sell them at certain prices. U.S. brokerages, exchanges and regulators are scrambling to accommodate recent changes in U.S. share trading and prepare for a new market structure in the new millennium. A host of electronic trading networks, which are computerized systems that match share orders, have started to compete with traditional exchanges and threaten the broker's role as intermediary between investors and market place. These so-called electronic communications networks (ECNs) now account for around 25 percent of the share volume of the Nasdaq stock market, from almost nothing three years ago. But the very success of these ECNs, which often provide faster and cheaper trade processing, also has led to a fragmented U.S. market place. To counter this trend, Paulson and others are calling for a so-called central limit order book, a electronic system that would pool all the investor limit stock orders from exchanges, brokerages and ECNs. ''America's new market structure must provide for different trading systems, while ensuring that each can and does compete on a single, level platform that is electronically linked,'' Paulson said. ''That means all orders and quotations would reside within a central limit order book so that every investor, no matter how small, has the same opportunity to go to the network at the top and be guaranteed the best execution.'' Paulson's comments closely resembled points made by the chairman of the U.S. Securities and Exchange Commission (SEC), Arthur Levitt, in a recent speech in New York. In fact, Paulson said his firm and others are closely working with the SEC to create a competitive market place for the next millennium. Paulson said that the United States, which traditionally has been the breeding ground for financial innovation, now risks falling behind Europe. Last month, eight major European bourses said they formed an alliance to create a common market with a single electronic interface and harmonized 24-hour trading, Paulson said. ''As you know, it is a common pitfall of successful institutions everywhere to become blind to outmoded practices and business models -- and resistant and reluctant to changing them,'' Paulson said. ''Let's just make sure that we don't fall prey to the innovator's dilemma.'' [ Send this story to a friend \| Easy-print version ]