If we don't understand technology we are not going to understand the next twenty years. We will not profit. We may not even survive. Executing transactions, for example, may become less important to dealers than providing customers with other value-added information in the future. Cyberfinance will disintermediate the processes, substance and economics of our business.
Technology puts end users together.
It allows end users to bypass the middleman. The future of our business may not be about selling execution. They must adapt successfully to a more rapidly moving environment and market. Firms will need to develop complex products and wisely manage their associated risks on a real-time basis. For LaRoche's complete remarks , see the enclosed pamphlet.