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access to a wide variety of information and statistics about individual markets. |
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For the recent decades, even a novice trader could, with very little effort, access information used by professional traders. Therefore, the abundance of information available to the general public through the Internet and other electronic means does not necessarily ring a death knell for the broker. The endless supply of information may actually enhance or increase the need for someone with the ability to filter and distill the information into a useful form. Certainly the clerk function of the broker will diminish, since the task of order entry and execution can be accomplished electronically. |
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It has been my experience that there is no substitute for experience when it comes to trading the markets profitably. The customer can either gain that experience through the expense of time, money, and considerable effort or associate himself or herself with a mentoring broker. |
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Neal: Technology is great for trading the Chicago markets, but how are traders going to adjust to a 24-hour market? |
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Russ: I have never thought of markets being anything other than 24-hour markets. In the past, we may have had the opportunity to express our opinion financially only within the confines of the narrow trading hours of a specific market. But even twenty-five years ago, when I was singularly concerned with the soybean market, our first concern each day was to review Rotterdam, Holland, prices. Even then, we were conscious of the price determination in other parts of the world affecting the price determination in the trading pits. Twenty-four-hour markets acknowledge that the sun never sets on the process of price determination in virtually every market. |
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During recent years, markets have become electronically available. Acknowledging this fact, Chicago markets have made their clearing capabilities available to an electronic version of the pit-traded markets. In actual practice, this is not |
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