please explain, page-7

Oscarone, don't you mean an institution rather than a sophisticated investor? All a sophisticated investor is is someone like you or I but with much more cash. I dare say at least some of the posters here on HC fit that category. You need $2.5 million in assets to be considered a sophisticated investor and with the value of property and super (I assume super can be included but please don't quote me on that) many here would not be far off.

So I think algorithmic trading is more to do with institutions like super funds and hedge funds.

But if its just a sophisticated investor then I will eat my head!