Monopolies and Propaganda
Traders Magazine, December 2003
The securities industry has experienced a significant number of market structure changes since 1996. These changes, and a three-year bear market, have combined to irrevocably transform the business dynamics of broker dealers and stock exchanges. These dynamics have caused great difficulties, but also have provided opportunities to improve the efficiency, quality and fairness of the securities markets. However, to ensure that sound market structure decisions are made, it is important that we first identify the underlying beliefs that have influenced opinions and decision-making. It is important to acknowledge that some of these beliefs do not reflect current reality. If this is not recognized, then future decisions will be counterproductive and ineffective. Here are a few examples of outdated thinking that may still be influencing decision-making.
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