Trading is now effectively non-stop, with transactions measured in millionths of a second. Budish, an associate professor of economics at the Booth School of Business, proposes to instead segment trading into thousands of auctions throughout the day.
Pete Nessler, CEO of FCStone Group, was raised in Chicago but earned his stripes in the grain fields of Iowa. Working with elevators and farmers, he helped turn Farmers Commodities Corp. from a group of co-ops into the international brokerage firm INTLFCStone that it is today.
Dan Dicker, energy trader, oil analyst, television and web commentator, author and general provocateur doesn’t mince words, especially about the new players brought in through electronic trading of the markets.
Traditional risk controls, the CFTC observes, were designed for human judgment and human speed, and they must be reevaluated in light of the “electronic trading platforms that can execute repetitive tasks at speeds orders of magnitude greater than any human equivalent.