THERE'S a school of thought among some stock market participants that a major factor behind the absence of retail players this year is an overly strict regulatory regime that makes it difficult for activities under the broad umbrella known as "speculation" to flourish.

The retail segment, it is believed, prefers as far as possible to partake of a more speculative, less regulated market, where stocks - to use an extreme example - can double or treble in a day or two, thus offering massive excitement and contra profits.

Not for many the traditional "buy and hold" maxim applicable to "investors" who are prepared to reap their rewards over the "long term"; it is thought that the typical retail punter wants to buy today and cash out tomorrow with a large contra profit.