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participants. The added amount of time to acquire the skills necessary to be a successful market maker makes the entry cost prohibitive to most participants. Electronic trading allows new participants the opportunity to trade on an equal footing to the most established traders, and it greatly reduces the cost of entry into the markets, thus ensuring a constant flow of new talent and capital into the market that would otherwise find its way into other businesses. |
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More than anything else, the changing technological landscape and shifting market shares have demonstrated the superiority of Chicago market makers. It points out the importance of trading skill in creating liquid markets and will ultimately create an environment where risk management skills born in the pits can be exported throughout the world without leaving the shores of Lake Michigan or missing a single Bulls game. |
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Note: Larry Schulman may be reached at Goldenberg-Hehmeyer, (312) 922-6765. |
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