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Internet is creating a shift among financial services providers
towards the retail end of the spectrum. At the same time, there is
increased demand on the retail side for more structured and more complex
financial instruments to manage risk with more flexibility.
Retail investors are becoming more self-reliant for investment decisions and
more comfortable with technology. This trend will be
reinforced by the wealth of information offered on the Internet.
In the short term, it will lead to increased demand in two areas:
- Investment education and training
- Resources for investment decision support
In the long term, these trends combined with globalization of markets
and pervasiveness of Internet will most probably lead to:
- Global continuous electronic trading
- Elimination of distinction between exchange traded and OTC
derivatives markets
Chicago Mercantile Exchange is well positioned to offer products which
will match both short and long term developments. Technological
infrastructure already exists for both, but only the short term demand
can be met without organizational and regulatory changes. Therefore,
this report will give a brief outline of two products which can be offered
by CME on the Web to meet the short term demands. These products would
employ and build upon InfoVision technologies which are developed
and/or used at NPAC in a variety of contexts.
Miloje Makivic
Mon Nov 13 13:09:14 EST 1995