In a relatively short span of time, technological developments have revolutionized trading in the world’s financial markets. In the beginning of the 21st Century, most of the orders in the U.S. were still executed manually and by telephone. Today, only a dozen years later, almost all of the traffic is handled electronically.

Obviously, the marriage of computing technology and trading has brought many benefits to the markets, including increased speed and efficiency and substantially reduced trading costs. But the use of increasingly sophisticated technology has led to a number of new dangers and risks that regulators and self-regulating organizations have yet to control.

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