Tecniche di negoziazione telematica negli Exchanges ed ATSs e l'intermediazione finanziaria on-line:spunti ricostruttivi.

This article will provide a brief overview of some of the most important developments in the automation of the trade execution process(Parte I e II),in the on-line investment services provision(Parte III)and in the electronic filing of the information to be published by issuers,the securities of which have been admitted to the official listing(Parte IV).In the past,owing to physical necessity,Exchanges were organized around a central trading post or floor,keeping all members at the same spot to create and maintain a single,central and liquid market for all securities.The unstoppable advent of Ict allows the organization of central securities markets in decentralized form.Market participants may now be anywhere and some roles of former participants have been taken over by mathematical algorithms in black boxes.Many Exchanges have taken the opportunity to solicit remote members from other jurisdiction,allowing these firms far more efficiently to serve their own domestic and international clients for products listed and traded in other than the home market.