[jayruy]

i agree with this explanation - what will be interesting to watch is where these coders wind up:

* hyper-secretive buy-side firms like SAC decide there's a labor opportunity, and these blogs are shut down in short order

* some PG figure emerges to steer these promising technologists into the light; i know roger ehrenberg has tried to step to the plate in this regard and what i've gathered from the sidelines is that this is easier said than done

* they compromise on building sell-side execution platforms, who would be more tolerant (more apathetic is probably closer to the mark) of blogging and we start to see a real banking technology community form

the third option is the one i'm betting on and hoping for.