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Neal: That's a pretty controversial statement. |
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Tony: What you have are professionals, damn good professionals, who are absorbed, and rightly so, with the day-to-day, teeny-to-teeny, tick-to-tick business of making money, providing markets, creating the liquidity of their trading companies and individual sole proprietorships. What they're not in the business of doing is worrying about world trends, market trends, and how the sea change of that style of business may impact them. Some of them, not all, but most of them, don't have the capacity to forecast this, so they're leaning on their leadership. They're leaning on the boards and the chairman-ships of the exchanges to worry about where the battleship is going. They're going to do their jobs on the battleship, but turning the battleship around is not the job of the people working in the pits. It's more the job of the leaders (some of whom are also working in the pits). |
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To get back to your question about the readiness of the floor population and the liquidity engine of Chicago markets, they are caught by surprise. As of today, they are in denial. A lot of them are upset with their leadership, "How could you put us in this situation, to be blindsided, where an XYZ system could almost instantaneously take the order flow away from our engine and put it on another engine, an engine which wethe components of that engine, the traders, market makers, and brokers of our pitscould be and should be participating equally in?" Your question speaks volumes on the problems we're having right now. Traders are asking, "Do I go back to school and learn another trade? Do I ready myself to sell cars or real estate in order to feed my family?" What's happening is that men and women who are, for the most part, already skilled to trade using this new technology are running away because their leadership has not embraced them and the technology simultaneously. |
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Neal: Who are the market makers of the future going to be? Will we need exchanges? |
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