• This is a partial transcript from "Your World with Neil Cavuto," April 27, 2005, that was edited for clarity.

    NEIL CAVUTO, HOST: Is it time to kick the traders off the floor of the NYSE (search) and make all trades electronic? My next guest thinks so. He was way ahead of the curve on this. He is the author of "Coach Yourself to Success: Winning the Investment Game." He is also the CEO of Ameritrade (AMTD), the company that made online investing mainstream, Joe Moglia. And he's trying to outdo Don King today.

    JOE MOGLIA, CEO, AMERITRADE: You have got me between Don King and Melania Trump.

    CAVUTO: Man, oh man.

    MOGLIA: This is a tough segment.

    CAVUTO: Yes, this is a tough...

    CAVUTO: All right, well, top that last segment.

    (LAUGHTER)

    CAVUTO: But what do you think of this battle, which is actually a pretty big boxing battle in its own right, for control of the Big Board?

    MOGLIA: Well, I think basically what's taking place is that the New York Stock Exchange absolutely has to have an electronic platform. So, they have got to make a choice. They either build that or they buy it. They have clearly made a decision that they want to buy that.

    Now, the question that exists in the mind of a lot of the shareholders or the members of the stock exchange is whether or not the valuation, that 70/30 split, is right. And it looks like people like [Kenneth] Langone and [Dan] Tully and [John] Mack are going to have something to say about that, but we don't know what they have to say yet. So it remains to be seen.

    CAVUTO: All right, you have got all these internecine battles. Goldman Sachs (search) has a stake no matter who wins, which seems odd.

    MOGLIA: Right.

    CAVUTO: But where do you see it going?

    MOGLIA: I think, ultimately, what's going to happen, what you would say if you were part of the New York Stock Exchange is that, in a hybrid system, the clients will be able to make the decision.

    I believe the decision that the clients will make is that, three to five years from now, you will have a far greater electronic system on the floor than you will have a specialist system.

    CAVUTO: Does this mean all those guys yelling and screaming on the floor are gone?

    MOGLIA: Not necessarily.

    There's always a job for somebody that can provide value-added. So, if all you are doing is yelling and screaming, you are not going to have a job a couple years from now. But if you can figure out a way to provide some incremental value above and beyond what electronic execution is going to be, you will have a job. But you have got to figure out what that is.

    CAVUTO: Is this bad timing for all these kind of things, that the market is kind of mezza mezza? I mean, is it just bad timing?

    MOGLIA: Not really, Neil. You know, when you think about it, it's been something that's been waiting to happen for a long time. The first Internet trade was done by Ameritrade 13 years ago.

    CAVUTO: Yes. But do you ever miss those days, Joe, when you had all these day traders and everyone was involved and taxicab guys were involved?

    MOGLIA: You know, no.

    CAVUTO: Come on.

    MOGLIA: That was a bubble, Neil. It really was.

    CAVUTO: It was a very enriching bubble.

    MOGLIA: But all the people that were trying to do that as day traders, they basically got wiped out. And the day trading business is over.

    CAVUTO: So, who is left?

    MOGLIA: The people that really care about being able to invest, not only to buy or sell a stock, but try to invest for the long term. People have got to take more responsibility for themselves with regard to their own financial well-being down the road.

    CAVUTO: Well, I have got you here, Joe, what is your view on the markets right now?

    MOGLIA: I feel pretty constructive on the market. I think oil is definitely an overhang. There's no question about that.

    CAVUTO: But what if we stay in the 50s region? I know we go up and down a couple of bucks.

    MOGLIA: Yes.

    If you stay here for a real extended period of time, people start to forget about it and it winds up going away. If you look at earnings, they have been coming in pretty good lately. Corporate balance sheets are pretty good. Inflation, I believe, is still in check. You have got interest rates, while they're headed higher, they are still at historical lows. Global liquidity looks good. At the end of the day, I feel good about where the markets are.

    CAVUTO: All right, but if Alan Greenspan (search) keeps hiking rates, eventually...

    MOGLIA: I know you're a big Alan Greenspan fan.

    What's ultimately going to happen is, the Fed moves very methodically. And they're making decisions now as to what they're going to do several weeks or three months from now. And they'll continue to look at the data and they will make that decision.

    CAVUTO: But do you notice, when he walks by a mirror, he doesn't see a reflection?

    (LAUGHTER)

    Kidding, kidding, kidding. All right, Joe Moglia, "Coach Yourself to Success: Winning the Investment Game," great book and a great read on things in plain English.