Nothing crude about it

摘要

No doubt about it, electronic trading has changed the world, and mostly for the better. It has allowed the trading industry, and volume, to grow exponentially; it has lowered the bar to entry and brought in new, vibrant players; and it has opened the world of trading from what some would call an old boys' club to a global, multilateral, multi-platform business of tighter spreads and discovering the best price for all. But not everyone sees it that way. Some don't believe electronic trading has been an industry savior, but has, in fact, introduced new problems to the marketplace. For example, would the Flash Crash have happened without electronic trading? And would the new boogie men have appeared, such as high-frequency traders and index funds, groups that definitely provide liquidity, but not perhaps the right kind.