Adapting to the Transition of Electronic Trading

Markets are always getting more efficient over time, that's just the nature of the beast. But at some point you have to bring the economics back into the picture and say like, hey, well, I might have an edge, but if it costs a hundred million dollars in technology and I only make a hundred and one million dollars on the edge, is it worth it? What was next on your list? Alignment, I think alignment technology. And then the last one I think is adaptation, which is this idea that, look, markets are always gettingMore efficient over time. Over time those strategies that you're running now, they're still profitable, are going to be unprof

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