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Computers Eliminate Trading Jobs

Traders Magazine, March 2003

John A. Byrne

Fancy new computer programs may be putting trading jobs at more risk than the bear market. That's because the growing use of algorithms and computer-driven trading is undermining the human intermediary, according to Scott Thornton, a buyside trading executive at the Los Angeles-based Trust Company of the West. These technological advances are forcing the concentration of commissions dollars into a smaller group of desks. This change will reduce the number of traders employed within five years, Thornton predicted.

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