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Exchanges provide an infrastructure service, and are a choke point for economic activity. These are two typical justifications for nationalisation.

But I think the urgency is greater for commodity exchanges than for stock exchanges. Everybody knows a stock exchange is a shark pool, so when consenting adults jump into the pool they are kinda asking for it. Whereas commodities exchanges are much more of a choke point for the real economy: A shipping company needs to be able to buy bunkering oil six months forward, because it needs to be able to plan its logistics six months ahead. So it has to participate in the commodities markets.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Nov 14th, 2011 at 11:27:36 AM EST
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