The Times reports that, according to a new report said to be published today, 90% of City traders could face the axe by 2015, as 'all-electronic algorithmic trading' comes more to the fore and traders find that they are surplus to requirements.

Just think - no more rogue traders or 'fat-fingered' trades, less compliance and risk management .......... and no more jobs for highly-paid traders. The future of trading, it seems, is in the hands of technology. And instead of human traders earning the big bucks, it will be IT developers and programmers and software companies who will be earning the big money, enabling investment banks and other financial institutions to trade all manner of products electronically.

The use of technology in trading highlighted in an IBM report is, of course, nothing new. It was three years ago that floor traders at the International Petroleum Exchange staged a revolt and refused to use new trading technology, as it looked certain to eventually replace them. And UBS Investment Bank was one of the first firms to use technology to trade in the $1.2 trillion-a-day currency market. The firm was said to be posting revenues of $1.4m each business day in 2003 from these activities, and needing only 30 traders - 50% less than the number required in 1999.

But the IBM report is one of the first to suggest that trading as we know it will become virtually extinct. The world of 'I, Robot', it seems, is almost upon us.

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