Abstract
In the age of information technology, the traditional paper-based trading process is inadequate and can become a burden for companies competing in the marketplace. Until recently, only major companies could afford to develop and maintain computer systems to improve their trading processes. These ad hoc solutions are expensive and preclude widespread applications because they often address specific issues. With personal computers and the Internet, it is now possible to realize the paradigm of affordable electronic infrastructure for virtual trading. The authors survey existing business-to-business (B2B) electronic trading systems and highlight key attributes of these systems and areas of improvements. These form the basis of the proposed Virtual Electronic Trading (VET) system. The VET system provides a generic framework for a variety of business models and practices, giving the system a universal appeal.
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