For retail [investors] to survive in this emerging environment, I think they will have to be long-term passive investors who are basically index players because any market inefficiencies will be small, transient and exploited by those with huge economies of scale. The notion that a single retail investor can somehow bet the market in a short-time play by exploiting an arbitrage now seems impossible.
Martin Fahy, CEO of the Financial Services Institute of Australiasia, in ‘Lost in the dark pools of competition’, Weekend AFR, July 3-4, 2010
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