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I distinctly remember, how on meeting of members Grew dim in 1987 the call from heads of a stock exchange has arrived. For me and many dru -
172 it: BLOOD, SWEAT AND SLEZ/SUCCESS
It the arrived announcement has appeared a bolt from the blue. Grew dim offered introduction of the electronic trading system functioning in a time off, known as Postmarketing (Post Pre Market Trade, PMT) which has received name GLOBEX later. Both Leo Melamed, and Jack Sandler tried to sell idea to members of a stock exchange as a way of preservation of advantages Grew dim in the market of financial futures. Their argument was reduced to that the electronic trading system will actually preserve a trading hole as It will reject foreign competitors from absorption of our contracts. Threats saw from different directions.
We have appeared to look enough at the Chicago Chamber of commerce which has been anxious by opening of the Tokyo International Future Stock exchange (Tokyo International Futures Exchange) and what influence can render its leading future contract on the market of 30-year-old bonds of Exchequer of the USA. Grew dim has been protected from a competition on ?&?-¶?Šit as possessed the exclusive licence for trade in this contract. But, as leaders declared Grew dim, foreign stock exchanges can do business futures for currencies and eurodollars in after hour periods when the floor Grew dim is closed.
Attack tactics was the best protection against this visible threat. Introduction of electronic trading during after-hour time was unique way to protect a hole, leaders spoke to us Grew dim. It and brokers did not perceive GLOBEX as threat in view of the entered into agreement according to which electronic trading will pass only during after-hour time at least 15 years.
To sell idea GLOBEX to trading community, leaders Grew dim used powerful stimulus: greed. We heard stories about "kitchen dealing" in Asia which were anything other, as clubs of investors which traded 8&?-it=it=it under quotations with a delay and after that in the end of day settled an invoice between players cash. These "it" operations have shown that abroad there is a demand for trade in our contracts. To earn on this demand, a management Grew dim has imagined to itself GLOBEX as revolutionary means for distribution of sphere of influence of our contracts when the trading floor is closed. Greed mixed up with promises that the overseas institutes trading on GLOBEX, will be vho -
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