Philip McBride Johnson says that public ownership of exchanges has not led to less ability to police members.
Much has been written recently about whether the public
offering of exchange shares has impaired the ability of
exchanges to police their users. The argument is that, facing
shareholders who wish to maximise exchange profits, the markets
may go easy on large customers when enforcing their rules.
Some even romanticiae the (forgive the hyphens)
pre-public-ownership system of exchanges owned and managed by
their user-members. A group of people who knew where to draw
the line, who hammered violators because it could imperil all
of them. As owners and users, they dare not risk the greater
This article is available to subscribers and registered users
Please log in to continue reading.
Not yet registered? Take a free trial.
If you have already taken a free trial you
have ongoing access to the analysis section of FOW.com including this story.
Log in using your details below to read.
Already have an account? |