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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (8807)	3/10/2001 1:06:09 PM
From: LPS5	Read Replies (1) \| Respond to of 12617

And so what? The alternative would be for the price to be kept at something artificial, which is not good for the consumer. No. Artifical price stabilization is an alternative, I guess - not one that I'd consider viable or legitimate - and not the one the author is suggesting. Rather, as the author sees it, an alternative exists in relying more on bringing all buying and selling interest together in large, single-price clearing stock crossing sessions periodically throughout the day. This is what systems like POSIT, AZX, eVWAP, Instinet's after-hours cross, and others do (and what Optimark tried to do even more frequently in one to five minute time cycles), but the author is suggesting that these systems do so on a currently de minimus basis (as per their percentage of the total volume traded in an issue on a given day)...whereas if they were the primary market, and the continuous market was secondary, the price discovery process would be unanimous, instant, and essentially fairer. My personal answer to that is: "True, but it wouldn't satiate our consumer culture 'need' for at-will access and instant service." LPS5