from today's sydney morning herald on the same subject. http://www.smh.com.au/business/global-trends-could-see-asx-turn-toxic-20110221-1b2in.html. The first few paragraphs read:
Global trends could see ASX turn toxic STUART WASHINGTON February 22, 2011
The spectre of becoming a ''toxic market'' hangs over the Australian stock exchange as we import some of the latest global trading innovations. And it is not a function of the Australian Securities Exchange's proposed takeover by Singapore's exchange.
Last week US blogger Felix Salmon wrote a New York Times column that should have rung all the wrong bells for investors and regulators in the Australian market.
Salmon wrote: ''The glory days of publicly traded companies dominating the American business landscape may be over ? the stock market is becoming little more than a place for speculators and algorithms to compete over who can trade his way to the most money. What the market is not doing so well is its core public function: allocating capital efficiently.''
