ogy, young outsiders turned Wall Street upside down with the advent of electronic trading which eliminates the middle-man or broker from the stock trading equation. The new method of trading quickly gained popularity with individual investors and established traditional brokers because it is cheaper and faster than traditional trading mechanisms “Electronic exchanges are the wave of the future. New electronic trading ventures are being developed and launched with increasing regularity giving traders more choices than ever before of where to trade. The shift from floor-based trading to computer screen promises greater efficiency and reduced cost” (Resendez 1).
Because of the new method of trading, other service providers are required to ensure competitive advantage for those exchange member firms hoping to establish an electronic presence. For example, front-end trading screens are more essential for electronic trading and various software that increases reliability and efficiency “One are ripe with competition is that of front-end trading screens a battle that could decide who will be the gateway of choice for traders and institutions seeking access to the world’s electronic trade matching engines. These front-end applications tap into the API of the underlying systems offering what their developers hope to be a more efficient face to the markets. To date, the CBOT’s a/c/e/ system has 43 front-end vendors” (Resendez 1).
Both the NYSE and NASDAQ have been involved in developing new infrastructures to cope with the rapidly chan
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