The two main forces of cost and regulation combined with the ever more complex market structure will continue the buyside's push towards the insourcing of the execution function and the adoption of electronic trading. Regulation and cost will also determine who provides the execution platforms of tomorrow. We believe that regulation, and in particular the best execution requirement, will trump cost and result in the majority of execution platforms being supplied by independent broker neutral software firms. The buyside trader's role will continue to evolve as we work our way through the different phases of this trading revolution. The trading community's interests will best be served if they are aware of the inherent tradeoffs that are contained in each phase and understand the great opportunities that this new world will offer.