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Article: FUTURES EXCHANGES AFFIRMED AS BEST METHOD FOR TRADING / BY STUDY

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THE JOURNAL RECORD
Article date:
October 1, 1986
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CHICAGO - For most outsiders, the futures market is the occasional few seconds of television footage showing traders yelling in each others face and frantically signaling buy and sell orders.

For some viewers this a picture of sheer greed, high-stakes gambling or crafty manipulation of the cattle, gold, oil or other market underlying the futures contract.

It is this image that accounts for the Chicago Board of Trade commissioning a study with the foregone conclusion that the scene witnessed by the television viewer is exactly what futures exchanges wants, exactly what makes the markets work, exactly what creates their social usefulness.

Merton H. Miller, a professor of economics at the ...

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