Financial markets are about distributing incomes and risks from underlying assets such as land, property and businesses. Finaical markets also assist in allocating the underling factor resources to their various uses.
For this reason valuations for assets and accounting for business activity are fundamental information sources for participants to price debt, equity and other financial interests. Its up to the issuers and not the exchange to provide this information in their accounts, prospecti and other documentation provided to financial market participants when financial securities are issued and afterwards. There is never just information, there is always a context of a user, a use and a prospective or actual trading partner with different interests to the recipient. Therefore information is always produced and supplied in an economic context and with signals of credibility, authentication and reputation. Its only manic street preachers who communicate without considering whether or not anyone is listening, whether they accept the authentication and reputation of the source as credible or whether they are likely to undertake the proposed trade of one's life for the hope of promised eternal benefits. Investors and their agents use rules to assess prospective investments. The rules employed by investment intermediaries and those raising capital are derived from the need to meet the rules of investors and their agents to get investment resources. Its wrong to consider the rules of the intermediaries and those raising capital as the only protections for investors -- they are derived from the investors and their agents looking after themselves. We have every reason to believe that these rule-sets will enable capital and risks to be efficiently allocated and that imposed rule-sets will distort the allocation of capital and risks. Specifically rules and clauses in rules, like contracts and clauses in contracts, are paid for by transactors subject to them or party to them respectively. In seeking to maximise their gains from trade net of transaction costs, therefore, transactors seek to ditch contracts and rules that inflate transaction costs by more than the gains from trade, and adopt or create superior alternatives. Imposed rules cannot be cheaply ditched, and the producers have poor incentives to impose efficient ones. David Hillary ----- Original Message ----- From: "SnowDog" <[EMAIL PROTECTED]> To: "e-gold Discussion" <[EMAIL PROTECTED]> Sent: Tuesday, June 17, 2003 2:22 AM Subject: [e-gold-list] Re: New Bourse - a few notes > > Of course TGC is honorable and all, but how about the next company that > > lists? CyberFrontier U2Networks may be a viable applicant, GoldNow > > another. What if Privacity wants to list? No rules means everyone gets a > > go - or is there an undemocratic, tyrannical system in which the > > proprietors of DBourse get to pick and choose as they feel like? > > Capitalism and Freedom are derived from a legal and ethical system which are > derived from the principle of Individual Rights. As private property, the > propietors of DBourse get to pick and choose at their own discretion, and > must abide by whatever contracts they have with other people. You can't just > 'pick and choose' which laws you put into place to control this. To do so > would simply be arbitrary. > > Sincerely, > > Craig > > > > > --- > You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] > To unsubscribe send a blank email to [EMAIL PROTECTED] > > Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses. --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.