In spite of trading floor automation, free online trading, and automated research tools, there are still plenty of job opportunities inthe capital markets.
By Penny Crosman
Wall Street & Technology
August 22, 2007
Personally, I always thought with the increase in technology their would by a decrease in job opportunities and that would always concern me. After reading the article uttering that there is “Still plenty of job opportunities in the capital markets.” In the article it explains that it wasn’t true when the New York Stock Exchange began a partial electronic trading that they did not need the NYSE traders because the technology was taking over.
It also embarrassed me that they have listed big companies like wall street, citigroup, bank of America, and other big companies that enlarged their trading floors, but still take in traders. The article also explain that technology is doing to things: “changing the role of humans, and it’s allowing companies to absorb growth without adding people.” After reading this I went to the airport to drop of my brother; I have an example of what I realized that airlines expanded their technology by checking in electronically, but there is still the same amount of workers. This idea saved the customer’s time, but there is still the same amount of workers.
Going back to the article, it also explains that the trader should me a hi-tech because with the growth of technology a person should be getting greater knowledge on that too. For example a lot of the brokers have moved to upper roles, but that should expand their skills--- this also goes to traders. How do the traders do that? “ They double up with people who know the stuff.”
It is upsetting to hear that traders in Wall Street fear new electronics of trade coming in because they would believe that they would be replaced with those electronic. What I believe is that those electronics would not replace the workers, but the company r firm would get faster results and the worker should get higher tech skills. Sadly online trading is concerning brokers who are facing competition from technology, because the are getting lower commission, that would result to a decrease in brokers.
1 comment:
I also think that there will never be a time when there are absolutely no brokers or traders, that they would all be replaced by technology. No matter what, even if the brokers and traders do not meet on the floor of the exchange, they will not disappear, technology can be risky and have too many bugs in it for that to ever happen.
However, responding to another comment that Rawan made, if there are fewer jobs out there for lower level people, they will not get the experience that they need in order to get the higher level jobs.
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