Industry figures have largely rejected Trading Technologies (TT)'s argument that it deserves a 2.5 cent per side fee for every contract traded on futures exchanges.
The proposal, as set out by TT ceo Harris Brumfield in an open letter to the futures industry (see story, p2), is founded on the assertions that TT provides a unique value to the futures industry and that there are fundamental structural problems within the industry that has prevented that value being fairly realised. Both assertions were met with derision.
Ray Cahnman, chairman of Transmarket Group in Chicago, said TT's letter indicated a misperception it has of itself and its importance in the markets.
"If Harris thought that he was the lifeblood for the exchanges, he should just shut down TT and see how badly we suffer," Cahnman said. "We use TT, but if...