Word: stockings
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Dates: during 1980-1989
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...conflict is aggravated by drastic differences in culture and philosophy, almost as if the two capitals were situated in warring nations. On one side are Chicago's futures and options traders: young, brash, speculative, unabashedly noisy. On the other are New York's stock traders and brokers: tradition-bound, analytic, fraternal, relatively restrained...
That is what happened on Oct. 19, contend many Wall Streeters, who blame in particular an instrument called the stock-index future. Traded largely in Chicago, such futures enable investors to place bets on the performance of New York stock indexes like the Standard & Poor's 500. The futures, first introduced in 1982, gave portfolio managers a chance to hedge their cash investments in the stocks that make up a particular index. But the futures also gave investors the opportunity to engage in index arbitrage, a practice in which they can reap quick profits from temporary, often minor discrepancies between...
...significant safeguard: a so-called circuit breaker that would interrupt trading in most U.S. financial markets for one hour if the Dow fell 250 points from the | previous day's close and for two hours if it dropped 400 points. In congressional testimony later in the week, Greenspan defended stock-index arbitrage and computer trading as forces for stability rather than volatility, enabling portfolio managers to reduce their risk...
Investors are registering their disapproval in droves. In a survey conducted earlier last week by Sindlinger & Co., a marketing-research firm, just 4% of the households polled said they planned to buy stock, compared with 15% just after the crash in October. Fear of the volatility often attributed to program trading was the second most often mentioned reason for avoiding the market, after disillusionment about insider trading. Individual investors have apparently developed a belief that the stock-market game is fixed in favor of the big players. Says Arthur Levitt, chairman of the American Stock Exchange: "It's a national...
Perhaps the hottest battlefront in the New York-Chicago conflict is between the New York Stock Exchange and the Chicago Merc, which trades the controversial S&P 500 index futures. Each side in the standoff is unwilling to make any major procedural changes for fear of losing turf. The New York exchange, which was slow in setting up its own financial-futures market, controls 10% of worldwide trading in such contracts; the Chicago exchanges' share is about 80%. Contends John Sandner, chairman of the Chicago Merc: "We were so successful that it caused everyone to want to take our success...