The Three Phase Evolution of Electronic Trading

The objective of this paper is i) to present the buyside with a framework in which to understand the changes brought to the industry by the widespead adoption of electronic trading, ii) to offer a vision for the trading platforms that will support this new world, and iii) to explain why the future belongs to independent broker-neutral systems supplied by software firms rather than to sellside brokers.

The Three Phase Evolution of Electronic Trading was originally published in the Journal of Trading in 2007.