(Harvest) Automated execution is taking over futures markets. Actually, the battle is over. Voice (non-electronic) and manual execution are reserved for illiquid products, old school firms, smaller traders, those who may be undertaking spreads, complex legged or option strategies, roll strategies, and some block trade. However, the use of electronic trading can vary by market and sector. Technically, we are referring to manual (MAN) versus automated (ATS) trade execution where automated is generated and/or routed without human intervention. Non-electronic would be a separate category. By far, automated to automated trades dominate most markets even in many commodities. The high frequency automated traders are the new market scalpers. Financials have a higher percentage of automated trading over commodity markets.
It’s an Electronic Futures World – Now What Do We Do? The Changing Role of Brokerage
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