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From Komfie Manalo, Opalesque Asia;

Electronic trading has made the markets more democratic, from Boston to Latin America to Eastern Europe, as even small organizations in these regions invest in very good technology and have a very good understanding of market structure, according to Thomas Callahan, CEO of NYSE Liffe US, (the U.S. futures exchange of NYSE Euronext) in the latest Opalesque Boston Roundtable.

"I believe that ultimately this is a very good and beneficial development that results in flows being more balanced than they would have been five or ten years ago. ...Some of the big Chicago firms that started off as just small groups of people with good technology and some decent market savvy have grown to the point where now they more resemble traditional long-only asset managers than they resemble hedge funds. And if you look at how the banks conduct their business in terms of providing liquidity, they really adopt high-frequency trading strategies as a survival mechanism, because just a guy and a phone is not enough to really be competitive in the current markets," Callahan added.

Kevin Divney, CIO of BeaconCrest Capital Management, a Boston-based L/S equity fund focused on U.S. stocks, agreed. From the perspective of his own recent......................

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