Automated trading takes over Wall Street.

In AI-Artificial Intelligence, Brain Technology by Brainy Days Ahead

Automated trading is on the rise as human traders disappear. The Deputy Chief Financial Officer and former Chief Information Officer for Goldman Sachs spoke on computing’s economic impact at a symposium held by Harvard’s Institute for Applied Computational Science. Since 2000, Goldman Sachs traders on the U.S. cash equities trading desk at their New York headquarters have diminished from 600 to just 2. Currency trading and investment banking are following step. Today, almost 45 percent of trading is done electronically, according to Coalition, a U.K. firm that tracks the industry. Wall Street machines are replacing highly paid people as well as back-office clerical workers.