Yes. Not to mention that spreads are so tight that the only real challenge for a cash trading desk is how to read the flow, and manage inventory, into events. C

Yes. Not to mention that spreads are so tight that the only real challenge for a cash trading desk is how to read the flow, and manage inventory, into events. Computers don't do a great job of interpreting doublespeak and insinuation, which is a substantial part of earnings calls and other releases of information. Derivatives trading has grown as cash trading has shrunk. And the banks haven't figured out how to automate that business yet.