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An Introduction to Trading in the Financial Markets: Market Basics by R. Tee Williams

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Introduction

Technology has been one of the primary forces shaping trading markets from their inception (see Figure 5). As noted in “History” at the front of this book, the absence of technology in early markets meant that a principal (or his or her agent) who wanted to discover prices or to transmit an order had to be physically present at an exchange, coffeehouse, or tavern to find the market price and to interact with other traders. Now technology underlies the trading process, reducing the need to be physically present at a market.

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Figure 5 Technology: systems, data, and networks together form the infrastructure needed by entities on the Street ...

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