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An Introduction to Trading in the Financial Markets
Technology Systems Data and Networks 1st Edition R.
Tee Williams Digital Instant Download
Author(s): R. Tee Williams
ISBN(s): 9780123748409, 0123748402
Edition: 1
File Details: PDF, 38.46 MB
Year: 2011
Language: english
 An Introduction
to Trading
in the Financial
Markets
•
Technology—
Systems, Data,
and Networks

R. “Tee” Williams

AMSTERDAM • BOSTON • HEIDELBERG • LONDON

NEW YORK • OXFORD • PARIS • SAN DIEGO
SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO
Academic Press is an imprint of Elsevier
Academic Press is an imprint of Elsevier
225 Wyman Street, Waltham, MA 02451, USA
525 B Street, Suite 1900, San Diego, California 92101, USA
The Boulevard, Langford Lane, Kidlington, Oxford 0X5 1GB, UK
Copyright © 2011 Elsevier Inc. All rights reserved.
All illustrations © 2011 R. “Tee” Williams. All rights reserved.
No part of this publication may be reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopying, recording, or any information storage and
retrieval system, without permission in writing from the publisher. Details on how to seek
permission, further information about the Publisher's permissions policies and our arrangements
with organizations such as the Copyright Clearance Center and the Copyright Licensing Agency,
can be found at our web site: www.elsevier.com/permissions.
This book and the individual contributions contained in it are protected under copyright by the
Publisher (other than as may be noted herein).
Notices
Knowledge and best practice in this field are constantly changing. As new research and experience
broaden our understanding, changes in research methods, professional practices, or medical
treatment may become necessary.
Practitioners and researchers must always rely on their own experience and knowledge in
evaluating and using any information, methods, compounds, or experiments described herein. In
using such information or methods they should be mindful of their own safety and the safety of
others, including parties for whom they have a professional responsibility.
To the fullest extent of the law, neither the Publisher nor the authors, contributors, or editors,
assume any liability for any injury and/or damage to persons or property as a matter of products
liability, negligence or otherwise, or from any use or operation of any methods, products,
instructions, or ideas contained in the material herein.
Library of Congress Cataloging-in-Publication Data
Williams, R. Tee.
An introduction to trading in the financial markets : technology—systems,
data, and networks / R. “Tee” Williams.
   p. cm.
Includes bibliographical references and index.
ISBN 978-0-12-374840-9
1. Capital market. 2. Stock exchange. 3. Financial instruments. I. Title.
Set ISBN: 978-0-12-384972-4
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.
For information on all Academic Press publications
visit our Web site at www.elsevierdirect.com
Printed in China
11 12 13 14 15   10 9 8 7 6 5 4 3 2 1
 Contents

Preface for the Set v

Preface xvii

Overview xxi

Background xxxv

Visual Glossary lxxxiii

Part 1: Systems 1
Chapter 1 Purposes 7
Chapter 2 Functions 21
Chapter 3 Tasks 57
Chapter 4 Events 61
Chapter 5 Organization 67

Part 2: Data 73
Chapter 1 Types 77
Chapter 2 Characteristics 93
Chapter 3 Sources 99
Chapter 4 Purpose 103
Chapter 5 Functions 107
Chapter 6 Business 133
Chapter 7 Management 171
Chapter 8 Organization 177
Chapter 9 Issues 183

Part 3: Networks 197

Chapter 1 Concepts 201
Chapter 2 Span 227
Chapter 3 Distribution Technology 237
Chapter 4 Types 241
Chapter 5 Organization 249
Chapter 6 Issues 253

Part 4: Trading Process 259

Chapter 1 Step 1: Pre-trade Decisions 265
Chapter 2 Step 2: Buy-Side Trading 271
Chapter 3 Step 3: Order Routing 281

iii
iv Contents

Chapter 4 Step 4: Execution 291

Chapter 5 Step 5: Trade Confirmation 299
Chapter 6 Step 6: Trade Allocation 307
Chapter 7 Step 7: Clearing 315
Chapter 8 Step 8: Settlement 323

Conclusion 331

Glossary 335

References 369

Index 371
 Preface for the Set

The four books in the set are an exercise in reportage. Throughout my career,
I have been primarily a consultant blessed with a wide array of projects for many
­different kinds of entities in Africa, Asia, Europe, and North America. I have not been a
practitioner but rather a close observer synthesizing the views of many ­practitioners.
Although these books describe trading and the technology that supports trading,
I have never written an order ticket or line of computer code in anger.
The purpose of these books is to describe what individuals and entities in the
trading markets do. Bob Simon of 60 Minutes once famously asked two ­founders of
the dot-com consulting firm Razorfish to describe what they did when they got to work
each day and took off their coats. That is the purpose of these books: to examine what
participants in the trading markets do each day when they take off their coats. These
books do not attempt to prescribe what should occur or proscribe what should not.
The nature of the source material for these books is broad observation.
In ­teaching professional development courses over nearly two decades, I have
found that both those new to the markets and even those who have been market
­participants for years become experts in their specific area of activity; however, they
lack the ­context to ­understand how their tasks fit into the overall industry. The goal of
this set of books is to provide that context.
Most consulting projects in which I have participated have required ­interviews
with ­people working in all phases of the trading markets about what they do and
their views on how the ­markets work. Those views and opinions helped frame my
­understanding of the structure of the markets and the roles of its ­participants. I draw
on those views, but I cannot begin to d
­ ocument all the exact sources.
I have isolated fun stories I have heard along the way, which I cannot attribute
to a specific source, into boxes within the text. These boxes also include asides that are
related to the subjects being discussed but that do not specifically fit into the flow.
The structure of the books presents information in a hierarchical form that puts
entities, instruments, functions, technology, and processes into a framework. Categorizing
information into hierarchies helps us ­understand the subject matter ­better and gives us a
framework in which to view and understand new information. The frameworks also help
us understand how parts relate to the whole. However, my experience as a consul-
tant convinces me that while well-chosen frameworks can be helpful and appealing to
those first coming to understand new subject matter, they also carry the risk that their
perspective may mask other important information about the subjects being catego-
rized. So for those who read these books and want to believe that the ­trading markets
fit neatly into the frameworks presented here: “Yes,” I said. “Isn't it pretty to think so.”1

v
1 Ernest Hemingway. The Sun Also Rises, 1926, New York: Charles Scribner’s Sons (Scribner).
vi Preface for the Set

Features of the Books

Figure FM.1 shows the books in this set with tabs on the side for each of the major
sections in the book. The graphic is presented at the end of each major part of the
books with enlarged tabs for the section just covered, with arrows pointing to the
parts of other books and within the same book where other attributes of the same
topic are addressed. I call this the “Moses Approach.”2

Part 1: Entities

Part 2: Instruments

Part 3: Markets

Part 4: Functions

Part 5: Systems, Data and Networks

Part 6: Global Markets

Part 7: Risk

Part 8: Regulation

BOOK 1

Background

Part 1: Investing and Trading

Part 1: Systems

Part 2: Markets

Part 2: Data
Part 3: Instruments

Part 4: Processes
Part 3: Networks
BOOK 2

Part 4: Processes

BOOK 3

Part 1: Global Markets

Part 2: Regulation

Part 3: Risk

Part 4: Compliance

Part 5: Playing the Game

BOOK 4

Figure FM.1  The books of this set are organized as a whole and concepts are distributed so that they
build from book to book.

2 You may remember from the Bible that God took Moses up on the mountain and, in addition to giving him the Ten
Commandments, showed Moses the Promised Land. This seems to be a good approach to organizing information. If
you expect people to wander in the wilderness of your prose, you at least owe them a glimpse of where they are going.
 Features of the Books vii

In addition to words and graphics, the four books use color to present information,
as shown in Figure FM.2. Throughout, the following color scheme ­represents the
­entities as well as functions, ­processes, systems, data, and networks associated
with them.

Buy Side (institutional investor, retail customer, day trader)

Sell Side (broker/dealers, retail branch)

Bank (blue stroke buy side)

Bank (red stroke sell side)
Markets (trading venue)

Clearing Corporation

Depository

Nonfinancial Firm

Regulator

Vendor

Figure FM.2  Color in these books identifies entities that are central to the trading markets, and also
identifies the functions and processes that are associated with those entities.

A frustration of writing about the trading markets is the wealth of colorful and
descriptive terms that permeate the markets. These terms are helpful in describing what
happens in markets or where people work, but there is no accepted source that defines
terms in everyday usage with precision. Good examples of this problem are the mean-
ing and spellings of the terms “front office,” “middle office,” and “backoffice.”3 Similarly
I use “indices” to mean a ­collection of individual instances of a single index. (For example
­closing indices—that is, values—of the Dow Jones Industrial Average on January 2, 3,
and 4.) I use “indexes” to mean a collection of different copyrighted information ­products
measuring market performance (e.g., the Dow Jones, FTSE, and DAX indexes).
I have elected to define the terms, as I understand them, within the books.
The first instance of words appear in bold italics, which relate to definitions in the
Glossary at the end of each one. The books use more hyphenated adjectives than

3 I separate “front” and “middle” from “office” and combine “backoffice.” I believe that “backoffice” is a widely
used term throughout the economy, whereas “front office” and more particularly “middle office” are nonce terms
that may not migrate into common usage beyond the trading markets.
viii Preface for the Set

normal usage would require. I believe it is important to remove all doubt that the term
“market-data systems” refers to systems for handling market data, not data systems
used by a market.
The books in this set contain a large number of graphics. The goal of them
is to provide more than decoration. For many people, graphics help them understand
the concepts described in the text. Most of them illustrate process flows, relation-
ships, or characteristics of market behavior. There is neither tabular data nor URLs
from websites here. Both are likely to be too dated by the time the books are shipped
from the publisher to you to provide any real value.

Investment Pension-Fund
Counselors Managers
Portfolio

RIP

Life Property
and casualty

Packaged- Insurance
Investments Companies
Managers
Institutional
Investors

Trust Hedge
Companies Funds

PLAY BILL R o le s
Buy
-Sid e Firm
Purpose:
— Direct investor
Provider of:
— Investment
services
Consumer of:
— Intermediary
A TRADE F O R services
A LL R E A S O N S

Figure FM.3  Institutional investors are introduced as important buy-side entities in Figure 1.1.34 of Book 1.

4 The figure numbers indicate that this is the third figure of the first category (buy side) of the first part (entities).
All figure numbers follow this pattern.
 Features of the Books ix

Revenues Payments

J.P. Morgan & Co.

Date 29 October, 1929
21 Wall St.
New York, NY 20015
Tee Williams Associates $1,000,000.00
Pay to the order of

One Million & 00/100 Dollars

La Rive Gauche & Co.

24 Rue Montorguell
Arr. #1
Paris, France J. Pierpont Morgan
123456789 123456789

From To
• Investment fees • Trading (customer paid)
— Assets-under- — Commissions
management fees Institutional Investors — Spreads
— Investment- — Assets-under-
performance fees management fees
— Product fees — Float (indirect)
— Account- • Investment-related fees
maintenance fees (may be paid by customer)
— General partner — Research fees
participation — Information
— Float (indirect) — Analytical services
• Business expenses (paid
by firm)
— Salaries
— Infrastructure and other
business costs
— Investment-related fees
(not paid by customer)

Figure FM.4  Institutional investor business models—revenues and expenses—are illustrated in Book 1,
Figure 1.1.3.7.

The graphics (and text) build from book to book. For ­example, in Part 1 of
Book 1 the graphic in Figure FM.3 describing institutional investors appears. It shows
the customers, the suppliers, and the products and ­services for institutional inves-
tors. (Subsequent sections describe types of institutional investors based on how they
are regulated or the service they perform.)
At the end of each entity subsection, the entity's core business model and
what services it purchases from vendors and other providers are explained (see
Figure FM.4).
Part 4 of Book 1 describes the functions ­performed by buy-side traders
who work in institutional-investor firms (see Figure FM.5). The figure illustrates which
tasks the buy-side trader performs (i.e., which functions), who the buy-side trader
serves, which external entities interact with the buy-side trader, and which other
functions provide services to the buy-side trader.
Book 2, Part 4, describes the secondary market trading process. The sec-
ond step in the trading process describes the initial role that the buy-side trader plays
in trading.
x Preface for the Set

Services Serviced By

Sales
Trader

Vendor
External External
Internal Internal

Buy-Side
Trader
Securities
Movement
and Control
To Do
Portfolio
Manager
Manage orders
Choose role Technology

Pick intermediary
Give Instructions
Select market(s)
Set price target

Figure FM.5  Buy-side traders manage trade execution within institutional investors and their functions
are detailed in Figure 4.2.2.1.2 of Book 1.

Figure FM.6 presents the inputs to and outputs from the buy-side trading
­ rocess as well as the primary focus of the buy-side trader and the decisions that
p
the person must confront. Subsequent graphics in that section examine some of the
decisions and alternatives in more detail.
Book 3 returns to the buy-side trader to understand the role of technology in
the process. Figure 4.2.2 in Book 3 (Figure FM.7, see page xii) shows the systems
and data ­support buy-side trading. (Networks tend to link functions and are not
assigned to any specific function. Therefore networks are considered based on the
functions they link.)
The text ­identifies applications ­supplied by both ­internal and ­external
sources that ­support order management. The buy-side trader ­generates informa-
tion that is input directly to internal ­systems and indirectly to ­external ­systems.
Finally, ­networks both within the firm and from markets and ­vendors provide ­linkages
that ­facilitate the entire process. Subsidiary ­figures ­highlight the ­specific types of
­systems, data, and networks that are input to and output from buy-side trading.
 Features of the Books xi

Inputs 2 Outputs
Focus
1. Orders
2. Markets
3. Market conditions 4
Market(s) (DMA)
4. Market data
5. News

BUY
Vendor
SELL

1. Prices and quotes 1. Orders

2. Market intelligence 2. Instructions
Sales
Sell and advice 3
....C
EG
2.87 397
.12
↑ 19% ↑ 6%.

Trader(s)
....Z ....G
T 57.9 .....HD E 37.6
2.87 3 102
↑ 19% ↓ 67%

Side
5
↓ 3%. ↓ 1
.09
....C
EG .....H .....AMm ....
....Z 397 D 102 7.65 G
T 57.9 .12 ↑ .09
↓ ↓9
6%.
3↓ ....G 3%.....
67% E 37.6 G
.....A

OUT
Mm 5↓
7.65 1
↓9
SELL
Trou
ble
BUY
…o
r…

External IN External

Internal Internal

1. Instrument(s)
2. Quantity Buy-Side
3. Price range
Trader
4. Urgency

1 Portfolio Decisions
IN
Manager 1. Role
2. Transparency
3. Instructions
4. Trading venue
5. Best execution
6. Other factors

Figure FM.6  Buy-side trading is defined further as part of the trading process in Figure 4.2.1.2 of Book 2.

Finally, Book 4, Part 5, presents a hypothetical example that describes how

a fictitious British investment management firm with a global presence manages an
order across multiple markets with time, ­customer, and market pressures.
Here, David Anderson,5 a London-based buy-side trader for Trafalgar
Asset Management Ltd., is tasked with coordinating the sale of a very large order
(500,000 shares) of In-the-Ether Networks (ticker symbol: ITEN) B.V., a Dutch
network company with equities that are actively traded globally on the exchanges,
ECNs, and MTFs in Amsterdam, Frankfurt, Hong Kong, London, New York, and
Singapore.

5 All the names in the “Playing the Game” part are fictitious. However, I do know three different David Andersons,
all of whom are Brits and work in some portion of the trading markets. These three gentlemen are the inspiration for
the name. However, none of the David Andersons that I know are buy-side traders.
xii Preface for the Set

Instrument
Blotter
Pending Done
SELL
START: PREVIOUS:

BUY

REMAINING: CUMULATIVE:

....CEG 397.12 ↑ 6%.....GE 37.65 ↓ 1

2.87 ↑ 19%.....HD 102.09 ↓ 3%..... G
....ZT 57.93 ↓ 67%.....AMm 7.65 ↓ 9

…or… 2.87 ↑ 19%.....HD 102.09 ↓ 3%..... G

....CEG 397.12 ↑ 6%.....GE 37.65 ↓ 1
Trouble
....ZT 57.93 ↓ 67%.....AMm 7.65 ↓ 9

Buy-Side
SELL
BUY

Trader
SELL
BUY

…or…

4
SELL
BUY

Workflow Management
(Execution Management)
Analysis and Decision Making SELL
BUY

(Market Analysis)

External External
Internal Internal

3
SELL
BUY

Workflow Management
(Order Management)

Systems
Consumes Provides

Market

IOIs
External External
Internal Internal

SELL

1 5
BUY

Transactions Transactions

Consumes Provides
Data

Figure FM.7 Buy-side trading requires systems, data, and networks and produces data as shown in this
book's Figure 4.2.2.6

The graphic in Figure FM.8 shows how the order is received along with
instructions for its execution. As the process proceeds, the text describes how the

6 In earlier books in this set, we used forecasts of the exact graphic and figure numbers. Since these have
changed with the publication of successive books, the later books present the actual figure and figure numbers.
 Features of the Books xiii

GMT
Inputs Nov Outputs
16

Vendor
Market(s) 1. Market for ITEN
2. Existing IOIs
3. Pending crosses
4. Dark pool
notices
Sales
Trader(s)
IN

External External

Internal Internal
ORDER: GMT+9

1. Sell
2. In-the-Ether GMT+8

Networks
3. 500,000 sh.
4. €50.00 Target; David Anderson Tokyo
$47.50 min. 1. Orders to other
5. ASAP but quiet! branches (when
markets open) Singapore

Sarah 2. Instructions
IN
Decisions 3. Decisions
GMT-5

ITEN
1. Manage in-house
2. Mask true size
3. Trade quietly
500,000 sh. 0 sh 4. Global OUT New York
5. Keep trade cost very low
6. Try to repay soft
commissions

500,000 sh 0 sh

Figure FM.8  Buy-side trading is finally illustrated through a hypothetical example bringing together the
decision process, technology, and interactions in Figure 5.2 of Book 4.

order is then divided among global offices, electronic systems, and intermediaries
to be executed through a continuing global process over two elapsed London days.
The text also describes the settlement ­process ­following the trade. A large trade in
­multiple markets strains systems data and communications that were ­created when
national markets were insular and did not interact. Subsequent graphics show how
the ­process described in the narrative unfolds.
Similar linkages among the graphics in this set of books occur in ­describing
instruments and markets.
As noted previously, a Glossary is included at the end of each book in the set.
For ­convenience, there is a Visual Glossary of the graphical metaphors and ­elements
used in the images for each of the books.
xiv Preface for the Set

Acknowledgments
This project began as an attempt to write a history of the markets beginning in the
1960s. There are a number of individuals who held important positions in the trad-
ing markets during and after the “backoffice crisis” in the late 1960s who helped me
understand the markets early in my career. I thought that a book about them and the
work they did to hold the markets together and then reshape those markets would
be interesting.
There are several good books describing how Felix Rohatyn, Sandy Weill, and
many others worked to bail out firms that were in trouble, but they do not describe the
activities that occurred in the backoffice in the midst of the crisis. That book on history
did not happen, but these books are my attempt to “pay forward” all the help I received
from many different people. The descriptions of the markets in these books are built on
the foundation of the knowledge that these people unselfishly imparted. I hope these
books will in turn help those entering the markets.
In a real sense, these people and many more than I can list are the true foot-
notes and references for these books. My earliest teachers included
• Junius “Jay” Peake, University of Northern Colorado, R. Shriver Associates, Pershing
and Company, and Shields and Company. (Jay was my first and is still my most
influential teacher.)
• Morris Mendelson, The Wharton School of the University of Pennsylvania. (Morris
offered Jay and me entre into the academic community, and Jay chose to stay. He
and Jay wrote many papers together on market structure and automation, and they
allowed me to help with some. Jay and I miss Morris very much.)
• Ray Holland, Triad Securities, A.G. Becker. (For more than 30 years, Ray has been a
continuing source of information and advice about the mechanics of the backoffice
processes required by the markets.)
• Dick Shriver, R. Shriver Associates. (Dick, my first boss, introduced me to
consulting and many in the financial community including Jay. Dick remains a
lifelong friend and mentor.)
• Don and Jack Weeden, Weeden & Company, and Fred Siesel, Weeden &
Company and the NYSE. (Jay introduced me to Don, Jack, and Fred in the mid-
1970s, and for a time we tried to foment a revolution in trading mechanics. Over
the period since, they have been a source of information and insight that has
helped me understand the way the markets operate.)
More recently, a number of others have provided important views on the
workings of the trading process and supporting technology. Most of these people
worked with me, or I worked for them on projects that form the basis for the books.
These people include the following:
• Mike Atkin, Electronic Data Management (EDM) Council and Financial Information
Services Division (FISD). (I have worked with Mike over the past 20 years first at
the FISD and later at the EDM Council. Together, we have come to understand the
processes required to manage data.)
• Dick Cowles, Telerate and Chicago Board Options Exchange (CBOE). (I met Dick at
the CBOE, interviewed him at Telerate, and worked with him for USAID as we tried to
establish an over-the-counter market in Poland. Along the way, we became friends.)
Exploring the Variety of Random
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— "Sinähän sanoit, että kaikki ovat itsenäisiä?" — intti hän.

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hänen käsityksensä entistä epäselvemmäksi.

"Hän veti esiin repäisevän seikan."

— "Tarkoitatko", kysyi hän, — "ettei teillä ole ylimmäistä

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saaneet aikaan yhtä ja toista: muutoinhan emme olisi päässeet
kuuhun. Erotus on kumminkin silmäänpistävä: tiedon mukana
seleniitat kasvavat ja muuttuvat; ihmiset sen sijaan keräävät tietoja
ympärilleen ja pysyvät elukoina, joilla on pysyväinen ulkokuori.
Tämän hän sanoi…" [Jonkun matkaa taas epäselviä sanoja.]
 "Sitten hän tiedusti minulta, millä keinoin maassa liikutaan, minä
annoin hänelle kuvauksen rautateistä ja laivoista. Hetken aikaan hän
ei voinut käsittää, että meillä on höyryä käytetty noin sata vuotta,
mutta, asian perille päästyään, hän oli kovin ihmeissään.
(Merkillisenä seikkana olkoon mainittu, että seleniitatkin käyttävät
vuotta ajanmittana, vaikken minä heidän laskutapojansa ymmärrä.
Sillä ei sentään väliä, koskapa Fiuu on selvillä meidän
laskutavastamme.) Kävin sitten puhumaan hänelle siitä, että
kaupunkeja on maan päällä ollut vasta yhdeksän- tai
kymmenentuhatta vuotta, ja ettei ihmiskunta vielä ole liittynyt
yhdeksi ainoaksi veljeskunnaksi, vaan että maan päällä on monta
erillaista hallitusmuotoa. Tämä pani hänet ymmälle; Ensi alussa hän
luuli tarkoittavani vain hallintoalueita."

— "Valtio ja valtakunnat meillä ovat vain alkupiirteitä siitä

asiaintilasta, joka kerran tuleva on, — sanoin minä ja sain siten
aihetta puhua hänelle…" [Tässä on 30-40 sanaa, joita on mahdoton
lukea.]

Suureen Lunariin teki syvän vaikutuksen se seikka, että eri

ihmisryhmät pitävät niin lujasti kiinni omasta kielestään itsekukin. Se
oli hänestä niin mieletöntä.

— "Ihmiset tahtovat olla yhteydessä keskenänsä eivätkä

sittenkään tahdo", — arveli hän.

"Senjälkeen hän tiedusteli hyvin tarkoin sodan asiaa. Ensi alussa

hän hämmästyi eikä ollut uskoa kuulemiansa."

— "Sitäkö sinä oikein tarkoitat", — kysyi hän, saadakseen

varmuutta asiassa, — "että te juoksentelette ympäri maatanne,
tuota maata, jonka rikkauksien keräämisessä te tuskin olette vielä
alkuunkaan-päässeet, ja tapatte toisianne petojen syötäviksi?"

"Minä sanoin hänen olevan ihan oikeassa. Hän yltyi nyt

kyselemään, saadakseen mielikuvitustansa parempaan vauhtiin:"

— "Mutta eikös teidän laivanne ja pienet kaupunki pahaisenne

kärsi tuosta vahinkoa?" kysyi hän, ja minä huomasin, kuinka
omaisuuden ja elämänmukavuuksien hävittäminen oli tehnyt häneen
yhtä valtavan vaikutuksen kuin miestappokin. — "Kerro enemmän.
Esitä noita asioita piirroksissa. Min'en oikein käsitä niitä."

"Ja minä kävin, vaikka hiukan vastenmielisestikin, kertomaan

hänelle maallisen sodan kulusta.

"Minä selvitin, mitä muotoasioita noudatetaan sotaa aloitettaessa,

puhuin varoituksista ja ultimatumeista, ylipäällikkyydestä ja
sotajoukkojen marssittamisesta. Kuvasin sitten, millaisia ne ovat ne
manövrit ja asemat ja tappelut. Puhuin linnain piirittämisestä ja
valloittamisesta, nälästä ja kärsimyksistä kaivannoissa ja kuolijaiksi
paleltuneista etuvartijoista. Kerroin paoista ja yllätyksistä,
epätoivoisesta viimeiseen mieheen seisomisesta ja pakolaisten
säälimättömästä takaa-ajamisesta ja kaatuneista taistelukentällä.
Kerroin niinikään entis-ajoista, maahan-hyökkäyksistä ja verilöylyistä,
Hunneista ja Tatareista, Muhammedin ja kalifien sodista, ristiretkistä.
Ja mitä enemmän minä juttelin ja Fiuu minun sanojani tulkitsi, sitä
suuremmaksi yltyi liikutuksen humina ja nurina seleniitoissa.

"Minä kerroin, kuinka panssarilaiva voi ampua tonnin painoisen

luodin parinkymmenen kilometrin päähän ja lävistää sillä 20 jalkaa
paksun rautaseinän, ja kuinka me voimme ohjata veden-alaisia
torpedoja. Kuvasin sitten Maksim-tykin toiminnan ja Colenson
tappelun. Tuo oli Suuren Lunarin mielestä niin uskomatonta, että hän
väliin keskeytti tulkin ja kysyi minulta, onko asianlaita todellakin niin.
Se se varsinkin tuntui heistä epäillyttävältä, kun kerroin ihmisten
menevän ilolla ja riemulla… (? tappeluun)."

— "Mutta eihän ne sitä toki mielellään tee?" — tulkitsi Fiuu.

"Minä vakuutin, että minun rotuni ihmiset pitävät tappeluja

kaikkein kunniakkaimpina tapauksina elämässään. Tuota kuullessaan
hämmästyi koko seleniitain lukematon lauma."

— "Mutta mitäs hyvää sodasta on?" — kysyi Suuri Lunari

hellittämättä.

— "Oo, mitä taas siihen hyvään tulee"… — vastasin minä. —

"Sehän harventaa väkilukua!"

— "Mutta mitä se on tarpeen…?"

"Nyt syntyi pysäys. Vilvoittavia nesteitä ruiskutettiin jälleen hänen

otsalleen, ja sitten hän puhui taas."

[Hamasta siitä kohdasta asti, jossa Clavor puhuu täydellisestä

hiljaisuudesta kuussa, ennen hänen ensimmäistä keskusteluansa
Suuren Lunarin kanssa, on näissä tiedon-annoissa ollut
huomattavissa aaltoilemisia. Tästä puolin ne alkavat häiritä yhä
enemmän. Niihin on ilmeisestikin syynä säteileminen jostakin
lähteestä kuussa, ja ne kun myötäänsä pyrkivät Cavorin merkkien
tielle, niin tulee pakostakin siihen luuloon, että joku kokeilija yrittää
omilla merkeillään tehdä Cavorin tiedonantoja epäselviksi. Ensi
alussa ne ovat vähäisiä ja säännöllisiä, niin että jonkinmoisella
huolellisuudella saa kertomuksesta sentään selvän, paitsi joistakuista
sanoista Sitten ne paisuvat suuremmiksi ja käyvät säännöttömiksi,
muistuttaen kirjoituksen yli tehtyjä kynänvetoja. Hetkeen aikaan
nämä viipposet ovat aivan auttamattomissa, katoavat sitten
kokonaan, niin että moniahta sana jää aivan selväksi, mutta
uudistuvat kohta jälleen tiedon-annon loppuun saakka, ja niissä
kohdin on ihan mahdoton saada selvää, mitä Cavorilla on ollut
sanomista. Miksikä — jos tätä todellakin on pidettävä tahallisena
häirityksenä — miksikä seleniitat sallivat hänen jatkaa näitten tiedon-
antojen lähettelemistä ja olla siinä suloisessa harhaluulossa, että ne
selvinä perille tulevat, vaikka heidän vallassansa olisi ollut paljoa
selvempi ja mukavampi keino: estää hänet kokonaan tietoja
lähettelemästä, — siihen en osaa sanoa mitään. Näin vain näkyy
käyneen, enkä muuta tiedä. Viimeinen katkelma kertomusta
Suuresta Lunarista alkaa keskeltä lausetta:]

… "tiedusteli tarkoin minun salaisuuttani. Ennen pitkää sain heille

selitetyksi, kuinka minä jo siitä saakka kuin olin huomannut heidän
tieteellisyytensä korkean kannan, olen kummastellut, ett'eivät he jo
aikaa sitten ole keksineet 'cavoriitia'. Huomaan heidän kyllä
tunteneen sen teoreetillisena aineena, mutta pitäneen sitä
käytännöllisesti mahdottomana, koskapa kuussa kaiketikaan ei ole
heliumia, ja helium…"

[Helium sanan viimeisten kirjainten yli kulkee taas noita häiritseviä

koukeroita. Huomattakoon tarkoin sana "salaisuuttani", sillä sen, ja
yksinomaa sen perustuksella käy mahdolliseksi ymmärtää seuraava
tiedon-anto, joka, niinkuin me Mr. Wendigeen kanssa uskomme, on
hänen viimeisensä.]
XXVI.

Cavorin viimeinen tiedonanto.

Näin vaillinainen oli Cavorin viimeistä-edellinen tiedonanto ollut.

On ihan kuin näkisi hänen seisovan tuolla kaukana, keskellä

sinervää hämärää koneittensa ääressä, lähettelemässä meille
ilmoituksia ihan viimeisiin asti, mitään tietämättä meille harmillisesta
häirityksestä, aavistamattakaan jo silloin häntä vaanivia vaaroja. Tuo
onneton tavallisen, terveen ihmis-älyn puute hänessä on vienyt
hänet turmioon. Hän oli puhunut sodasta, puhunut ihmisten
voimallisuudesta ja järjettömistä väkivallanteoista, heidän
kyllästymättömistä ryntäyksistään, heidän väsymättömistä,
hyödyttömistä taisteluistaan. Hän oli saanut koko kuu-maailman
käsittämään ihmisrotua tältä kannalta ja sitten, arvaan minä, tehnyt
tuon kovan onnen tunnustuksen, että hänestä yksin — ainakin kauan
aikaa vielä — riippuu, onko vai eikö muitten ihmisten mahdollista
päästä kuuhun. Mihinkä päätöksiin kuulaisten kylmä, epä-inhimillinen
järki tämän johdosta tuli, on minun mielestäni sanomattakin selvä.
Ja kukaties lienee Cavor itsekin vihdoin hoksannut, millä kannalla
asiat oikeastaan ovat. On kuin näkisi hänen vaeltelevan kuussa,
omantunnon vaivoissa siitä, että oli ollut niin anteeksiantamattoman
hölläsuinen.

Jonkun aikaa oli Suuri Lunari, arvaan minä, miettinyt tätä uutta
asiaintilaa, ja sillä välin lienee Cavor kulkenut yhtä vapaana kuin
koskaan. Mutta sitten tapahtui kaiketikin jotain, mikä esti hänet
pääsemästä koneittensa luokse edellä kerrotun tiedon-annon
jälkeen. Muutamaan päivään emme saaneet mitään sanomia.
Kenties hän oli silloin audiensilla, koettaen hiukan korjailla entisiä
varomattomia tunnustuksiansa. Kukapa sen tietää?

Ja sitten tuli äkkiä viimeinen tiedon-anto, tuli kuni huuto

yösydännä, kuni huuto, jonka jälkeen taas kaikki on hiljaista. Se on
kaikkein lyhyin tiedon-anto, alkua kahteen lauseen katkelmaan.

Ensimmäinen: "Minä olin mieletön, kun ilmoitin Suurelle

Lunarille…"

Sitten tuli minutin verran kestävä pysäys. Tuntuu kuin olisi hänet
keskeytetty. Sitten askel poispäin koneista… sitten kamala
epäröiminen tuossa himmeässä, sinervässä luolassa… sitten äkkiä
päättävä ryntäys jälleen koneita kohti, mutta liian myöhään. Sitten
näkyy kiiruimmiten lähetetyn seuraavat sanat:

"Cavoriitin valmistaminen: ota…"

Sitä seuraa sana, joka ei merkitse yhtään mitään: "tuha".

Ja siinä kaikki.

Kenties hän yritti kiiruimman kaupassa lähettää sanan: "turhaa",

ennenkuin hänen kohtalonsa oli ratkaistu. Mitä tuon koneen ääressä
lienee tapahtunutkaan, on mahdoton sanoa. Mutta olipa mitä
hyvänsä, emme me enää mitään tietoja kuusta saa, siitä olen varma.

Minä puolestani olen näkevinäni unta, ja niin selvältä se tuntuu

kuin valveilla näkisin. Tuolla sinisessä hämärässä näen Cavorin
hajahapsisena riuhtovan, päästäkseen irti seleniitain käsistä,
riuhtovan yhä hurjemmin ja epätoivoisemmin… hän huutaa, hän
puhuu moittivia sanoja, ryhtyy lopulti kenties taistelemaankin, mutta
askel askelelta häntä ahdistellaan yhä kauemmas sinne, minne ei
saavuta häntä enää ihmiskieli eikä ihmisten merkit, ikipäiviksi tuonne
tuntemattomiin uumeniin, pimeyteen, hiljaisuuteen, jolla ei loppua
ole…

End of Project Gutenberg's Ensimmäiset ihmiset kuussa, by H. G.

Wells
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IHMISET KUUSSA ***

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