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1、Online-brokerageTransformingmarketsfromprofessionaltoretailtradingChristofWeinhardt,PeterGomber,CarstenHoltmannInformationSystems,Justus-Liebig-UniversityofGiessenLicherStrasse70,D-35394Giessen,Germany{Christof.Weinhardt
2、Peter.Gomber
3、Carsten.V.Holtmann}@wirtschaft.uni-giessen.deAbs
4、tractshouldbefocussedhere–thereisarapiddevelopmentofIT,namelythatoftheInternet,notonlyextendingthetradingInthispaper,wediscussdifferentconceptsforvolumesbysimplifyingthewaytoreachthemarketsfortransformingprofessionaltradingmechanismsfortheprivateinvestors,butalsoallowingandenforcin
5、gnewformsincreasingmarketofprivateinvestors.Differentofparticipatinginthesemarketsandofintermediationperspectivesofthisfundamentalchangeincapitalamongtheseparticipants.marketsarediscussed.DuetotheincreasedtechnicalskillsandfinancialexpertiseThedriverofthesechangesisIT:technological
6、progressofprivateinvestors,thisclassofOnline-bankingcustomersprovidesnewwaysforprivateinvestorstoparticipateispreparedtoapplynewtradingtechnologiesfortheirownactivelyinthecapitalmarketsinordertotakeadvantageassetmanagement.2–andrisk–inthearea,wheretraditionallyonlyprofessionalscoul
7、drealizetheirchances.yesterdayStartingfromtheseobservations,oneofthemostprofessionalinvestorsimportantsuccessfactorsforOnline-brokersisdiscussed,namelythatoftheintegrationofthevariousphaseswithinthe“markettransactionprocess“.Somealreadyexistingconceptsinthisarea–goingalongwith1.pro
8、ductsnewformsofintermediation–areevaluatedonthebasis2.matteroftheoftherequirementsofthedifferentgroupsmentionedmarketentranceFinancialMarketsabove.3.marketdesignBeyondthat,theintegrationlevelwithinthemarketprocessesservesasaclearframeworkforfurtherdevelopmentofITsupportoftradingact
9、ivitiesinOnline-brokerage.TheconceptofanInternetbasedelectronictradingsystemispresentedasapromisingwaytotoday/transformprofessionaltradingactivitiestotheneedsofprivateinvestorstomorrowprivateinvestorsinthefuture.1Fig.1:Developmentoffinancialmarkets.I.INTRODUCTIONWiththeincreasingim
10、portanceoftheseinvestors,t
