Human Interaction and Trading Automation:
How the Mix of High and Low-Touch Trading is Changing on the Buy Side and Sell Side Whitepaper
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This CEB TowerGroup report describes the current and future state of institutional trading and considers the changing mix of high-touch and low-touch trading.  They look primarily at US equity trading as a baseline case and draw correlations to global equities and changes to trading of other asset classes.  

• The buy-side trading desk is more actively involved with the trading process, has become more sophisticated, and has many tools to assist with accessing liquidity.

• Low-touch trading has exploded, yet the need for more traditional, high-touch trading is not going away any time soon.
  
  
• Buy-side desks have raised the bar with regard to sell-side services and they expect superior service across both low-touch and high-touch trading.
  
  
• They buy side is vocal about the services valued and what it is willing to pay for; creating a dialogue that helps the sell side better understand how to go about servicing client needs.