truly efficient markets will be better for all human beings on a global scale. it's esoteric regulatory inequities and manipulative ways of generating credit that have allowed us to export war for the last 40 years (or vice versa?) as a means to sustain the appearance of status quo without competetive growth. initially following a shock if one did occur, i would say efficiency could be an easy target. the ball would be in the rest of the world's court to uphold reality
Computerisation may gain strength, but, the markets only survive through human interaction. Take away humans and the markets are dead in the water. The geniouses working for the big boys need to be kept in check. And no doubt they will be. Money talks and........you know the rest. Efficiency in the context of wages needs to be kept high, but, a line has to be drawn and a balance maintained. I'm sure the big boys realise this.
Perhaps: Index arbitrage; Program trading; Portfolio insurance; Trading systems/ strategies; Algorithmic trading; Etc. When to use what/which, and why?
I know a developer and his system. He wanted me to take a look at it. He wanted me to help him automate it. I am a trader and have tweaked it, but I told him that automation would put me out of a job... Michael b.