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61 UCLA L. Rev. Discourse 2 (2013)

handle is hein.journals/ucladis61 and id is 1 raw text is: The New Investor Cliffhanger Stephen M. Bainbridge 4 ABSTRACT In a recent UCLA Law Review article, 7he New Investor, 60 UCLA Law Review 678 (2013), Professor Tom Lin argues: Technological advances have made finance faster, larger, more global, more interconnected, and less human. Modern finance is becoming an industry in which the main players are no longer entirely human. Instead, the key players are now cyborgs: part machine, part human. Modern finance is transforming into what this Article calls cyborg finance. In this short invited essay for Discourse, I reply to Professor Lin. His article provides a comprehensive survey of how technology is changing the capital markets and thus, inevitably, presenting new challenges for securities regulation. Lin writes well and clearly, even about complex legal and technological issues. the article is exhaustively researched, reflecting a command of literatures from a number of disciplines. While Lin flags a substantial number of significant problems caused by the wide- ranging impact of technology on capital markets and securities regulation, he has yet to propose a solution to any of these problems. I conclude by encouraging Lin to use his article as the jumping off point for a series of articles that will offer legislators, regulators, and judges solutions to the problems posed by technological change in this area. AUTHOR Stephen M. Bainbridge is the William D. Warren Distinguished Professor of Law, UCLA School of Law. 61 UCLA L. REV. Disc. 2 (2013)

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