Fast Money

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Fast Money

No. 2 - The Black Box Buyout

The so-called "black box" computerized trading programs are becoming increasingly popular on The Street with Citigroup (C), the world's largest financial institution, reportedly in advanced talks to purchase private firm automated trading desk for $700 million. What will the future of trading look like?

Pete Najarian says fewer people are on the floor of any exchange. He adds 30% of all US trading was driven by companies with the “black box” and he thinks the only people on the trading floor in the future will be people servicing the computers.

Black Box Buyout

Jeff Macke thinks the floor of the NYSE (NYX) will be a ghost town in 2 years.

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Trader disclosure: On June 26 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Macke Owns (GTRC); Bolling Owns (NMX), (MPEL), (ICE), (T),; Bolling Has Closed Out Of His S&P Futures Short: Bolling Has Closed Out Of His Nasdaq Futures Short: Najarian Has Closed Out Of His Long (.VIX) Trade; NBC Universal Is The Parent Company Of CNBC