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Monday, November 03, 2008
U.S. Crisis Effort May Have Further Roiled Markets: Lacker
Robert Daniel
MarketWatch Pulse
TEL AVIV -- The U.S. government's "disparate" responses to the problems at financial firms may have confused market participants as to which companies would get help and in what form, thus adding to the market turmoil, said Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, according to The Wall Street Journal. "Shifts in expectations regarding official intervention may have added volatility to financial-asset markets that were already roiled by an increasingly uncertain growth outlook," Lacker said at Hebrew University of Jerusalem, according to prepared remarks. Investors and Wall Street executives have criticized the government for sending mixed signals about which companies it would use taxpayer funds to support, the Journal reported.
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
