Specialists Create Market Efficiency
The NYSE should not abolish specialists. Both the NYSE and NASDAQ, however, need to realize that their relative trading volumes will continue to deteriorate as ECN's become more and more popular. The need for secondary and third markets will be diminished, however they still offer liquidity, so in some shape or form they will always be fashionable to certain types of investors.
The current system established within NYSE is very old and outdated. For any single trade, a number of players must be involved. First, an investor places a buy or sell order to a broker. The brokerage firm then contacts its commission broker, who is actually on the floor, to consummate the order. In this rigid and time consuming system, the specialist plays a major part in any trade. Any buying or selling in a particular stock takes place at the specialists post. A computer monitor shows all bid and ask prices for a stock in addition to the number of shares they are willing to buy or sell at the given bid ask price. Basically, Specialists execute the trades of other brokers, but they can also buy or sell shares for their own portfolios. When no other broker can be found to take the other end of a trade, the specialist must take the end of the trade where no one else can be found to do so. This is done to create liquidity, and is one of the biggest benefits to this system. Also, this type of trading creates an auction market, where buyers and sellers are together in one location, and the best buy or sell orders win trades. They also act as a dealer when they have to execute a trade when there isn't a buyer or seller available using their own inventory. Again, this is meant to facilitate liquidity. NYSE stocks, until recently, couldn't trade certain NYSE stocks outside of a formal stock exchange, however the NYSE has since abolished this rule. This has created a small trading volume of NYSE stocks over ECN's.
The current system on NASDAQ and most other OTC's incorporates dealers, who offer bid and ask prices to brokers who execute trades based on a listing of the current quotes from dealers. Although this is a very liquid market, dealers typically take a spread from the bid/ask price in exchange for the risk that they incur for holding the security.
...th indignation. "—Sat'iday night. Ever'body out doin' som'pin'. Ever'body! An' what am I doin'? Standin' here talkin' to a bunch of bindle stiffs—a nigger an' a dum-dum and a lousy ol' sheep—an' likin' it because they ain't nobody else."(78). At the end of the passage Curley’s wife admits that she enjoys talking to them because she has nobody else to talk to.
She is not allowed to be in the ranch workers’ bunk house and is also not supposed to talk to the ranch hands. She is practically owned by her husband, Curley. None of the workers pay attention to her because they know it will get them into trouble. Curley is very jealous and protective towards his wife. The ranch workers look at her as a ‘tart’ because she flirts with everyone. Curley’s wife is very lonely, she is the only women amongst all the men on the ranch. Steinbeck explains that she is not a person, she is just a symbol. She has no function, except to be a foil – and a danger to Lennie. She dreamed of becoming a famous movie star, but all her dreams crashed when she married Curley. Instead of following her dreams she had to settle for a lonely life on the ranch.
One of the more severe charges against Mill's conception of liberty involves socio-cultural background of the author's politics. Mill advocates paternalism on moral grounds in several instances that suggest an intellectual bias and a level of intellectual superiority, embedded in the nineteenth century culture and the Western world. Under Mill's paradigm, freedom is limited to those who are capable of rationality, allowing despotism as a sufficient alternative to 'educating' in all other instances (Goldberg, 2000). Thus, one's incompetence allows for a coercive force and social control (Conly, 2013).
When you buy expensive carpentry tools at your local hardware store, you still need the correct plans to build that elegant home. It takes more that just having the right tools to build your dream house. The same applies to trading.
Broker: a person or company who acts as a medium of bringing together two parties in a transaction.
Nearly everyone has the desire to be successful in their lives, whether it be measured in the amount of wealth a man owns or the accomplishments he has made in his life. Therein lies the most common, the success in a man's profession. There are multiple approaches to this connotation of success where a wide range of techniques can be applied. One might think that the only way to reach a particular level of success is to take on a competitive nature and achieve that coveted position of number 1. However, being competitive does not necessarily insure that a person is ‘successful.’ They must be competent in their field to reach the top spot. An example of these two sides can be found within Arthur Miller’s Death of A Salesman using the characters Willy and Bernard.
During the late 1700’s, the United States was no longer a possession of Britain, instead it was a market for industrial goods and the world’s major source for tobacco, cotton, and other agricultural products. A labor revolution started to occur in the United States throughout the early 1800’s. There was a shift from an agricultural economy to an industrial market system. After the War of 1812, the domestic marketplace changed due to the strong pressure of social and economic forces. Major innovations in transportation allowed the movement of information, people, and merchandise. Textile mills and factories became an important base for jobs, especially for women. There was also widespread economic growth during this time period (Roark, 260). The market revolution brought about economic growth through new modes of transportation, an abundance of natural resources, factory production, and banking and legal practices.
In the On liberty, Mill also highlights the aspect of individuality as one of the elements of well-being. John Stuart Mill points out the inherent value of individuality, since individuality is by definition the thriving of the human person through the higher pleasures. He argues that a safe society ought to attempt to promote individuality as it is the pre- requisite for creativity and diversity. Therefore Mill concludes that actions themselves don’t matter, rather the person behind the action and the action together are valuable. However on the limits to the authority of society over the individual, generally he holds that a person should be left as free to pursue his own interests as long as this does not harm the interests of others. In
One of the main arguments that Mill expressed in On Liberty deals with his liberty principle. This apparently, is "one very simple principle" which defines "the nature and limits of the power which can legitimately be exercised by society over the individual". According to Mill, liberty is what defines the legitimacy of a society - "any society that fails to honor the liberty of the individual is illegitimate. Its use of power cannot be justified if it trespasses on the rightful sphere of individuality".
Mill’s concept of liberty focused on the individuals and ”defend the rights of individuals which involved civil liberties, individuality and personal autonomy” (Gabriel, 2010). In Mill’s book itself ‘On Liberty’ pointed out a few thoughts and ideas regarding how liberty of individuals and the response from the author...
John Locke (1632-1704) and John Stuart Mill (1806-1873) are two important thinkers of liberty in modern political thought. They have revolutionized the idea of human freedom at their time and have influenced many political thinkers afterwards. Although their important book on human freedom, John Locke’s The Second Treatise of Government (1689) and John Mill’s On Liberty (1859), are separated 170 years, some scholars thinks that they are belonging to the same conceptual tradition, English Liberalism. In this essay, I will elaborate John Locke and John Stuart Mill view on human freedom and try to find the difference between their concept of human freedom despite their similar liberal tradition background.
The perception of liberty has been an issue that has bewildered the human race for a long time. It seems with every aspiring leader comes a new definition of liberty, some more realistic than others. We have seen, though, that some tend to have a grasp of what true liberty is. One of these scholars was the English philosopher and economist J.S. Mill. Mill's On Liberty provided a great example of what, in his opinion, liberty is and how it is to be protected. In this essay we will examine Mill's ideals concerning liberty and point out a few things he may not have been realistic about.
Sale & Purchase brokers represent one party in a deal to buy or sell new or secondhand tonnage.
...nturies. Mill presents a clear and insightful argument, claiming that the government should not be concerned with the free will of the people unless explicit harm has been done to an individual. However, such ideals do not build a strong and lasting community. It is the role of the government to act in the best interests at all times through the prevention of harm and the encouragement of free thought.
As compensation they charge a fee for this agreement. Agent and Brokers also differ from a merchant wholesaler because they do not own goods and services that they buy and sell. Agents works closely with buyers and sellers with more lasting businesses (Kotler & Keller, 2012). An example of an agent with this representation is a real estate agent who enters into a contract to sell a house or business to a consumer. The relationship exists until the need is met and at this point the agent collects a pre-determined