Helen Parry


shares; that, if proprietary exchanges are allowed to act as regulators, they should be subject to some constraints as to how they perform this function; and that, contrary to the ordinary case where we have reason to believe that markets discipline firms, a vigorous market for control of exchanges could have harmful effects. The concern that underlies these conclusions is a concern that a country's national interest in protecting its domestic capital markets for the benefit of domestic enterprise and investors is likely to be undermined in a world where exchanges act just like any other business. Management, are clearly not in favor today, as the market is still recovering from the shock of the LTCM collapse. In further great contrast to the LTCM style of investing, Jones, who was actively trading in the 50's and 60's, had to devise his strategies without the benefit of the sophisticated mathematical and computing techniques so beloved by the "quant jocks" of the 90s.