Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light.
Foremost among them is the so-called London Whale trading conducted by the bank's chief investment office, which cost the bank $6.2 billion.
Though not a major cause of the 2008 crash, such "proprietary trading" — conducted with the funding advantage banks enjoy because of federal deposit insurance — is a potential source of instability.
In practice, it is difficult to distinguish between trading conducted with a view to serving customers and that done solely for the bank's benefit.Regulators in Europe are taking a different tack.
With an ever-increasing percentage of trading conducted electronically at both the New York Stock Exchange and the Commodities Exchange, financial firms no longer feel that being located near those institutions is necessary.
The business encompassed equities, futures, interest rate, commodity and currency trading, conducted by 2,750 staff in 25 offices across 14 countries in Europe, the Middle East, North America and Asia.
There is a state-based system of vocational training, known as TAFE, and many trades conduct apprenticeships for training new tradespeople.
Cattle, sheep, and goats are tended, and trade, conducted in regular markets, is well-developed.
The share of CDS trades conducted electronically, around 50% in 2005, is now above 90%.
