... nice mechanism for pr ofit making and income r edis-tribution. It pr ovides rich underwriting and trading pr ofits for investmentbankers and inter est income for individual and institutional ... Way, Stanford,California 94305, USA.This Acrobat file can be circulated freely for non-commercial use. It may not be altered, and the author must be identified and credited.Designed and typeset ... standar dized. Standar dization and centralization wer e the key tothe development of modern futur es exchanges, which have changed little(except for the replacement of paper by computers) since...