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Steven A. Cohen, the secretive chief of a fund called SAC Capital, has put much of the money in his funds into cash, reducing trading by some of his workers.
Executives at the Merc have been watching to see if banks were reducing trading but, so far, proprietary trading desks and hedge funds have not scaled back, said Craig Donohue, the exchange's chief executive.
Like other European exchanges, London's is under pressure from shareholders to increase profit, putting it at odds with customers, whose interest is in reducing trading costs as trading volumes rise.
The industry and others say that the vast majority of trading is legitimate and that its presence means many extra buyers and sellers in the markets, drastically reducing trading costs for ordinary investors.
Meanwhile, the bankruptcy of the brokerage firm MF Global sent some ripples through the markets, reducing trading volumes as its traders were barred from commodity exchange floors in Chicago and New York, but analysts and traders said its effects were minor compared with the actions in Greece.
Citizens will care how their water (and all water) is managed, keeping a sharp eye on bureaucrats and brokers, looking for ways to increase their wealth, reducing trading costs and improving management in all water sectors.
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In China, South Korea, India, Chile and many other countries, reducing trade restrictions has lifted incomes and reduced poverty, and triggered decades of rapid income growth.
It stands to lose a lot by reducing trade.
South Korea is also likely to squeeze the North economically by reducing trade ties.
Once the new countries join in 2004, reducing trade and employment barriers, the pace of investment is expected to accelerate.
There is great domestic opposition here and elsewhere in the developing world to reducing trade barriers in agriculture and industry.
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