The act was called the Commodities Futures Modernization Act and completely deregulated the derivatives market by allowing for new "
bucket shops" - only this time with computers and fiber-optic cable.
Without citing James, Holmes followed a similar line of thought in upholding organized futures markets: However incorporeal the contracts, the futures trade had positive practical consequences; "speculation of this kind by competent men is the self-adjustment of society to the probable." The casually operated
bucket shops, however, were another matter, and the Court shut them down.
Some
bucket shops took the customer's money but never made the trade, the operator would simply throw the order in the garbage pail--the bucket.
This is another reliable and usable site with lots of features, such as holiday weather reports, that make it more interesting to use than some other online
bucket shops.
Card Sharps and
Bucket Shops: Gambling in Nineteenth-Century America, by Ann Fabian.
The Sky Travel Club is the brainchild of Riaz Dooley, who gained national recognition as "King of the
bucket shops" which sold cheap fares in the 1970s and 80s when airfares and airlines were substantially more strictly regulated than today.
