Conversion To Electronic Trading
- The London Stock Exchange moved to electronic trading in 1986.
- The Borsa Italiana, Italy's stock market, located in Milan, moved to electronic trading in 1994.
- The Toronto Stock Exchange (TSX) adopted electronic trading in 1997.
- International Petroleum Exchange (IPE) moved to electronic trading in 2005.
- Minneapolis Grain Exchange (MGEX) moved to electronic trading in 2008.
- Johannesburg Stock Exchange
- New York Stock Exchange, 2006-2007, under John Thain
- New York Mercantile Exchange, 2006.
Since the 1980s, Nymex had a virtual monopoly on 'open market' oil futures trading, but the electronically based IntercontinentalExchange (ICE) began trading oil contracts that were extremely similar to Nymex's in the early 00s and Nymex began to lose market share almost immediately. The pit-traders at Nymex had been resisting the electronic move for decades, but the executives believed the exchange had to move to the electronic format, or it would cease to exist as a viable business. The executives introduced CME's Globex system into Nymex in 2006.
Read more about this topic: Open Outcry
Famous quotes containing the words conversion, electronic and/or trading:
“The conversion of a savage to Christianity is the conversion of Christianity to savagery.”
—George Bernard Shaw (1856–1950)
“The war was won on both sides: by the Vietnamese on the ground, by the Americans in the electronic mental space. And if the one side won an ideological and political victory, the other made Apocalypse Now and that has gone right around the world.”
—Jean Baudrillard (b. 1929)
“His farm was “grounds,” and not a farm at all;
His house among the local sheds and shanties
Rose like a factor’s at a trading station.”
—Robert Frost (1874–1963)