Changes to the buyers of fiancial products are encourging changes to market itself. The rise of hedge funds, algorithermic trading and the increase size of some traditional funds are putting pressure on exchanges to lower costs and reduce market impact.
FT.com: "Consolidation among fund management groups, for example, is giving the buyside pricing power it once did not have. Moreover, the rise of hedge funds and the advent of so-called algorithmic trading is altering the buy-side landscape. As demands from their own customers change, the banks must change with them."
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