"A lot of folks didn't send their order flow here because they were worried about the technology," he said.

However, the large banks have an important advantage; they can see their customers' order flow.

That idea - paying for order flow - is at the heart of the new fund programs.

Some of those market makers were paying for order flow, and they brought in business.

"It all depends on what our order flow looks like."

"But I think it will preclude a lot of growth in diverted order flow."

As a result, the market impact of the order flow from abroad becomes magnified.

There was an incredible amount of order flow, more than I'd expected.

Such an effort, he said, might create greater Japanese order flow into this country.

Others are both market makers and sell their order flow.