Automation Is Eating Markets – Yet Bonds Are Slow to Shed Their Analog Roots
Markets can be classified into two basic stages in terms of maturity. The first stage is manual. These markets are characterized by the need for human capital for setting prices, transacting and settling. This can look like anything from buying a house to buying tomatoes at a farmers market. Both trades require conversations for price discovery and execution, and a labor-intensive process for settlement (balancing tomatoes while scrounging for cash).
