Abstract
Securities markets are basically information switches. US stock markets have, over the past 15 years, extensively used computer and telecommunications technology for trading support. Their design and implementation decisions have, however, been shaped by their desire to protect traditional trading procedures and the profitable roles of certain market professionals against technological replacement. The division of functions between automation and personal intermediation may have contributed to recent market crashes, by exacerbating severe stresses on market structures that result from the growth of institutional investors, increased trading volume and the use of information technology for program trading and intermarket hedging and arbitrage. Under these pressures stock exchanges will probably accept automated trade execution, or be superseded by other institutions that do offer electronic transactions.
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