Our View..Transparency - the introduction of electronic broking systems on a global basis, and their penetration into almost every dealing room, has made the real price obvious and available. As competition increases between the largest institutions for control of the customer market, spreads have narrowed in order to secure market share. The new style of trader - Mergers have led to a distinct number of large global players, operating from centralised locations, or even on a 24 hour basis. Cost cutting has eliminated the need to have several similar operations in the same time zone, decreasing the number of speculative players in the market, and risk appetites have changed, all of which has led to a change in the overall patterns of volatility in the market. Traders have moved from exchange floors to remote locations, cut off from the "feel" of the market. Technical Analysis and Options - with the market using universal charting systems and indicators, a large number of participants are looking at similar signals. "Static" opinion services have widespread coverage, and offer no competitive edge over other market participants. The levels that become important to options trading also often limit the potential of market movements The Result - "Chaotic" markets - the movements that occur in the market are either endlessly rangebound, or characterised by sudden movements that exploit a lack of real market liquidity, masked by the apparently endless supply of transparent pricing on the electronic broking systems.