While the majority of equity and derivatives trading is no longer conducted by humans, the FT explores some of the pros (e.g. improved liquidity) and cons (e.g. questions about liability if something goes awry).
But, as with self-driving cars, there is a catch: technology is moving faster than politicians (or voters) understand, and outstripping the legal and regulatory frameworks. Nobody yet knows how to assign liability if a self-learning financial program goes haywire. “How are we supposed to think about intent?” asks Yesha Yadav, a law professor at Vanderbilt University.