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1、DigestOfThe.Economist.2006(2-3)MovingmarketsShiftsintradingpatternsaremakingtechnologyevermoreimportantANINVESTORpressesabutton,sending1,000small“buy”orderstoastockexchange.Theexchange'scomputersysteminstantlykicksin,butasplitsecondlater,99%oftheordersarecancelled.Havingfoundtheb
2、estprice,theinvestormakeshistradediscreetly,leavingnovisibletraceonthemarket—allinlesstimethanittakestoblink.Hisstealthstrategyremainsintact.Eventslikethishappenmanytimesaday,asfloodsofordersfromactivehedgefundsand“algorithmic”traders—whouseautomatedprogramstobuyandsell—rushthrou
3、ghtheinformation-technologysystemsoftheworld'sexchanges.Theaveragetransactionsizeonleadingstockexchangeshasfallenfromabout2,000sharesinthemid-1990stofewerthan400today,althoughtotaltradingvolumehassoared.Butexchanges'systemshavetocopewithmorethanjustagrowingonslaughtof“buy”and“sel
4、l”messages.Customerswanttotradeinmorecomplicatedways,combiningdifferenttypesofassetsondifferentexchangesatonce.Then,asalways,thereisregulation.Allthisispushingtechnologyfurthertothefore.RecentembarrassmentsattheTokyoStockExchangehaveillustratedwhatcanhappenwhensystemsfailtokeepup
5、withthetimes.Injustthepastfewmonths,theimportanceoftechnologyhasbeenplaininmergers(thoseoftheNewYorkStockExchangeandArchipelago,andNASDAQandINET);collaborations(thedecisionbytheNewYorkBoardofTradetousetheChicagoBoardofTrade'stradingplatform);andthecreationofoff-exchangetradingnet
6、works(includingoneunveiledrecentlybyCitigroup).Technologyishardlyanewelementinfinancialmarkets:theadventofelectronictradinginthe1980s(firstinEurope,laterinAmerica)helpedtoglobalisefinancialmarketsanddroveuptradingvolumes.Buthavingslowedafterthedotcombubbleitisnowdemandingevermore
7、ofexchanges'andintermediaries'attention.Investorscannowdealmoreeasilywithexchangesoreachother,bypassingtraditionalroutes.Ascustomers'demandsandbargainingpowerhaveincreased,sotheexchangeshavehadtorampuptheirownsystems.“Technologycreatedthemonsterthathastobeaddressedbymoretechnolog
8、y,”saysLeslieSutphenofCalyonFinancial,ab
