This is for mutual funds, which are ultimately intended to operate under given parameters -- balancing a cocktail of risk, reward, timeframe etc. Seems natural

This is for mutual funds, which are ultimately intended to operate under given parameters -- balancing a cocktail of risk, reward, timeframe etc. Seems natural that you'd eventually move to algorithms for this, particularly as information asymmetry drops or is negated by other factors. This is really now becoming a form arbitrage between the mega-funds on a sizable, but discrete, chunk of the trading market. Probably the same chunk that's already reserved for market-makers who can (usually) succeed through volume and brute force alone. I think this is a good thing - arbitrage is a terrific leveller for the rest of us. It opens up the real market for us small fry.