SANTELLI: MAN VS. MACHINE ... AGAIN
got to get you into my life. take a look at this chart. believe, subject to controy ago rhythmic trading. now it has changed. now, why is that a bad thing? well, first of all, the question becomes what are the membership rights. and the cme has stampeded those rights, ignoring its own certificate of incorporation which required that this rule change be voted upon by the b-1 and b-2 shareholders who are your full cbot members. got shares after this place went public when they used to have just a membership. became their membership rights. that needed to be voted upon and it wasn't. additionally, the cme actually ignored the board of ten directors, the board of trade that rejected this rule proposal as w as the rules committee, the cme, that rejected this rules proposal. and then in one day after t first annual meeting in may, implemented the new rule and they put in new boards. in the man versus machine context, your don't have a problem with electronic trading. a lot of those people people are holding a tablet computer and heavily involved. your problem is the high frequency because you believe in the 22 members that hired you believe it's going to distor or make more volatile that final settlement price. expand upon that. first of all, again, the case is centered on the rights of members. but what you lose by having a hybrid settlement is you lose order flow, price discovery, and counter parties. so that a price can be determined by supply and demand. when you go to this system, you're prone to violent, radical movements for the purposes of volume being traded by algorhythmic programs. out of time. my final question is, if this doesn't get changed in this hybrid system goes into place, do you think that affects the longevity and the probability of trading floors with humans being around for a long period of time? it will destroy -- it will destroy their businesses and usefulness. it will deprive the market of its integrity and of its intelligence. well, listen, i'm sure if that is the only side to this story, but you heard one side and we'll continue to keep the public informed. it has large implications. back to you.
