"In short, dealers are really just matchmakers. So here's the thing: we've seen how human matchmaking can be entirely replaced by (1) algorithms and (2) apps. For algorithms, that's just stuff like Match or eHarmony. And for apps, well, there's Tinder, etc. I assume that someone has even combined algorithms with an app, so users don't have to browse for dates, but just log on and are automatically matched. This model seems entirely applicable to many types of financial contracts. If I'm a hedge fund looking to go short on some debt obligation, I need to find someone who will sell me CDS. I could go to a dealer (and pay a nice bit for this), but why not just use an app that will match me with all of the funds that are looking to go long?" Adam J. Levitin Professor of Law A.B., Harvard; A.M., M.Phil., Columbia; J.D., Harvard