Industry figures have largely rejected Trading Technologies
(TT)'s argument that it deserves a 2.5 cent per side fee for
every contract traded on futures exchanges.
The proposal, as set out by TT ceo Harris Brumfield in an
open letter to the futures industry (see story, p2), is founded
on the assertions that TT provides a unique value to the
futures industry and that there are fundamental structural
problems within the industry that has prevented that value
being fairly realised. Both assertions were met with
Ray Cahnman, chairman of Transmarket Group in Chicago, said
TT's letter indicated a misperception it has of itself and its
importance in the markets.
"If Harris thought that he was the lifeblood for the
exchanges, he should just shut down TT and see how badly we
suffer," Cahnman said. "We use TT, but if they shut down
tomorrow - between our own software and other vendors' software
- we'd have no problem."
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