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It’s all electronic…


Electronic Trading Takes Over, Block Trading Dries Up – From Sandler O’Neill Global Exchange & Electronic Trading Conference in New York, NY: Interview with ITG CEO Robert Gasser (Bloomberg News — running time 5:00 minutes)

Mr. Gasser says the, “Buyside has been empowered to trade directly into the markets…”… this is a direct result of the adoption of FIX, the standard for the electronic trading of securities… FIX disintermediates the brokers from the process because investors can access exchanges and liquidity pools directly… and investors win… and win big…

Mr. Gasser is talking about the equity markets but the same thing will happen for fixed income if the SEC applies the same regulatory framework to the bond markets as the stock markets