1. See Wallmann (1999), Unger (1999), I.
2. Other driving forces are regulatory changes and the globalization of financial markets. Changes in regulation as a result of technological innovation affecting the trading industry, in turn, accelerate the transition of financial markets and increase competition, see Unger (1999), I., lati (1999b), p. 2 f
3. Globalization itself is a result of technological progress as it expands the reach of exchanges and other market participants by improving communication and speeding up the delivery of trading services, see lati (1999b), p. 3 ff, Wallmann (1999)
4. See, for example, lati (1999a), p. 2, FESCO (2000), p. 3
5. The difference between electronic communication systems and crossing networks is that electronic communication systems have their own price discovery process while crossing networks execute orders at a reference price taken from the asset’s primary stock exchange, see section 112.1