“The move to electronic trading and then to high-frequency trading pushes up volumes. It doesn’t show up in 2010 equity volumes because equities are years ahead of commodities with regard to both,” said Doug Hepworth, of Gresham Investment Management, a New York commodity-focused firm.
“Large commercial hedgers and hedge funds can now trade significant volumes at very low cost and can take advantage of price discrepancies that would previously not have been profitable,” he said.
