New York Adult Entertainment: NYSE Embraces A Ruinous Idea
Stick to Gambling and Prostitution
It would be bad enough if the NYSE viewed fast trading as just another profit center. Unfortunately, the Exchange sees it as its bread and butter. When people talk about the New York Stock Exchange, this is it, NYSE Euronext co-CIO Stanley Young told a reporter. This is our future. We suspect that Young will be proven wrong, and in a big way. For one, we see fast trading as so far-removed from the Exchanges core mission that it cannot possibly come to any good. Like Vito Corleone, the NYSE should stick to its brand of gambling and prostitution, passing up the hard-core drug of high-frequency executions. Moreover, we have our doubts that the trading is a growth industry. Until recently, trading in financial derivatives alone created a paper market aggregating into the hundreds of trillions of dollars. How can this be when all the goods and services produced on the planet are valued at only $60 trillion or so? Clearly, this …
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