"People realized that you could reduce traders' heuristics to algorithms" - Matt Levine
In his article for Bloomberg, Matt Levine writes about the progression of computers replacing functions traditionally held by humans at large investment banks and other financial institutions.
"The precedent here is the hollowing-out of equities and currencies trading floors: Once upon a time, you needed armies of humans to trade stocks, with each of them responsible for tracking orders and deciding what price to show for a handful of stocks. Then people realized that you could reduce those traders' heuristics to algorithms, and then one computer could do that for all of the stocks, more quickly and reliably than the humans do. And now a lot fewer people trade stocks."
Full article on Bloomberg - HERE