I invested my time and brain cells on the editorial “Competition Chicago-style” and concluded some interesting points. Competition is one thing. Undermining the human equation is quite another. Gone will be the voices of reason with Eurex. And, of course, the futures for many in a position to actively trade. Eliminate jobs and you eliminate futures as well. The human ones. The ones that aren’t expendable.
If you need an example to compare it to, you have only to pick up a phone and contemplate just how accessible our phone systems really are now. They, too, are mostly electronic. When was the last time you actually talked to a human being as you tried to solve a phone annoyance? And if you’re lucky to finally reach a human being, you can bet the wait is a long one.
Tell me again why all-electronic is more efficient?
It took guts for the Chicago Merc and the Chicago Board of Trade to join forces, and to fight to retain a system that doesn’t eliminate the human factor. I’m counting on both to do what it takes to provide fair and balanced market trading.
