The bourse is an information exchange as much as it is a commodities exchange. As one author put it, "the bourse grapevine is the best in the world. It has been going for years and moves with the efficiency of a satellite communications network. . . .Bourses are the fountainhead of this information and from them it is passed out along the tentacles that stretch around the world." 9 The bourse facilitates the transmission of information about dealers' reputations ° and, at least with respect to members, serves both a reputation-signaling and a reputation-monitoring function.

DEFINE: Defines the bourse not merely as a market for goods but as an information and reputation infrastructure among its members.

Lisa Bernestein, Opting out of the Legal Sys…, loc. 49