An anonymous head of securities at one of the largest dealers in the world says the future of the derivatives business will be vastly different and that the number of traders will shrink significantly. New regulations, capital and liquidity requirements will force derivatives market making to become a numbers game, he says. "The old-school trader is going to fade away. Clients won't recognize the new-school version -- they'll be asking 'Are you an ops guy, are you a systems designer?' But he will be a trader, at least in the new definition of the word," the source says.