ABSTRACT
Stock exchanges are the bastions of capitalism. Stock markets are among the most efficient markets in the world. The sentiment and the confidence of the public are registered in the day-to-day operation of the stock exchanges, and trading can manifest the fears, joys, and wrath of the public at any time. Stock markets are also among the most efficient markets in the world. Global computer-mediated trading threatens medium- and small-sized stock exchanges, in particular. Beginning in the seventies, traditional stock exchanges were challenged and threatened by competitors from outside the industry that had access to much more sophisticated technology. There is no big brother or institution that is able to protect them from the technological and economic transformation that is taking place. In the absence of the computer, it took many days for stock exchanges to adjust to changing economic conditions or trigger-happy speculators, but today these adjustments are made in a matter of hours, and in some cases minutes.
