The mass movement to ETFs is having a huge impact on the market. I fear that the VIX, for example, may be seriously wounded. It is the 800 pound gorilla in the room that we are all going to need to face, or flee.
I was going to post this as well. We are going to be left with a few huge firms making markets. The technology and capital that is now required to make markets profitably is huge. Along with very high costs that exclude individuals and smaller firms.