Stock market trading – faster and cheaper is not necessarily better
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BETWEEN 1992 and 1999 US space agency Nasa adopted the mission paradigm of “faster, better, cheaper’’ (FBC) for its unmanned missions. Sceptics pointed out that FBC was too ambitious and that perhaps only two out of the three were achievable – for instance, a mission could be launched faster and cheaper but not necessarily better, or it could be faster and better but not cheaper.
After five failed missions and one cancellation – four of which occurred in 1999 alone – sceptics were proven right and FBC was discontinued.
Coincidentally, in 1999, stockbroking commissions in Singapore started on the path towards full liberalisation in 2003, with the promise that, over time, technological advancements would mean faster and cheaper trade execution, thus leaving retail investors better off.
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