-From: Max More <firstname.lastname@example.org>
>Competition. If one exchange computerizes, speeds up transactions, and
>reduces bid-ask spreads, it puts pressure on the others to follow.
I forgot that the NYSE has to compete with other exchanges. But investors still have to go to a particular exchange to trade a particular stock, don't they? (I don't play the market, so I wouldn't know.) Does the fact that the NYSE holds, or has exclusive right to trade, many premium blue chip stocks explain why it has managed to resist computerized trading? Or do the traders themselves, and the brokerage houses, make these decisions? Who owns the NYSE? It functions as a corporation itself, right? (If these questions seem unintelligent, just ignore them. But maybe you can suggest a tutorial?) -zen