Abstract
Advanced electronic processing of information and of communications has brought great changes, and also opposition to them, to the world's stock exchanges. Continuation of this technology may lead to a world economy. In this review emphasis is placed on the internationalisation of securities trading round the clock, the vendors of information services helping to overcome the different time zones, and on electronic futures trading. The factors that encourage and retard global trading are considered in detail and it is concluded that only a devastating world war will arrest the momentum of a move towards the global economy.
It is envisaged that a later review in this journal will discuss how domestic markets in the major countries are transformed by electronic information technology, by innovations in financial products and by intermarket strategies linking spot and futures markets.
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