An interesting piece on Dow Jones today raises the point that previous generations of traders have learned their, er, trade on the floor, moving up the ranks from runner to trader to manager. Now, with electronic trading superseding open-outcry, some brokers worry that new traders won't get the same training.

For many who have been around the exchanges for years, the demise of the floors represents not only the end of the traditional way of doing things but also the loss of a critical training tool.

"Part of the learning in the pit in the old days was not only understanding markets but understanding people," says Luke Morretti, a broker for Cytrade Financial LLC. "The people aspect of it is gone now."

This may sound naive, but surely if you don't learn "the people aspect" while trading electronically, it's a sign that you don't need to know it? I'm sure that bankers' handwriting is far worse now they don't all start as ledger clerks in the counting house, too...

On a more serious note, the article says that banks are shifting to online training courses for their traders - an opportunity for net-smart universities and business schools, and also another aspect of the levelling taking place between New York and foreign exchanges. After all, if the University of Chicago can train a dealer online for the CBOT, it can train one online for any other exchange.

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