At 08:10 PM 11/30/98 -0800, you wrote:
>Currently, it costs in excess of $1 million to get a seat in (become a
>member of) the NYSE. At those prices, members don't want their control to
>have any dilution via digital automation.
But the price of a seat on the exchange has been dropping greatly recently, precisely because of computerization.
>If you (completely) automate the NYSE, you kick out the inside traders and
>the enormous commissions earned by broderage houses. Without the element of
>greed, no stock exchange exists. Greed drives the whole machine. How can you
>automate or computerize greed? --J. R.
Competition. If one exchange computerizes, speeds up transactions, and reduces bid-ask spreads, it puts pressure on the others to follow.
Consulting services on the impact of advanced technologies President, Extropy Institute: