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首页> 外文期刊>The Journal of Strategic Information Systems >The defensive use of IT in a newly vulnerable market: The New York Stock Exchange, 1980-2007
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The defensive use of IT in a newly vulnerable market: The New York Stock Exchange, 1980-2007

机译：在新近脆弱的市场中防御性地使用IT：1980-2007年，纽约证券交易所

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摘要

New technologies enable entrants to create business models that threaten incumbents in a range of industries. This paper extends the framework of newly vulnerable markets to explore the dynamics of competition between entrants and an incumbent through a study of the New York Stock Exchange. For over 200 years, the NYSE has operated a physical market for trading securities. Beginning in the 1960s, it employed information technology to process increasing trading volumes and to disseminate data on stock prices and volumes. The Exchange invested heavily in IT for its trading floor, and defended it against electronic markets enabled by new technologies. in 2005 various pressures forced the NYSE into a merger with Archipelago, a leading electronic exchange. The NYSE's latest market system, Hybrid, launched in 2006, is the first at the NYSE that enables investors to bypass the trading floor completely. Despite the new technology, its share of trading volumes fell. This paper documents four eras of IT management at the exchange, presenting a detailed 27-year history. The evidence shows that while IT investments helped the Exchange defend floor trading and its market share for a number of years, it finally had to adopt the technology of all-electronic exchanges.
机译：新技术使进入者能够创建业务模型，从而威胁到各个行业的现有企业。本文通过对纽约证券交易所的研究，扩展了新近脆弱市场的框架，以探索进入者与在位者之间的竞争动态。 200多年来，纽约证券交易所一直在经营证券交易的实物市场。从1960年代开始，它使用信息技术来处理不断增长的交易量并散布股票价格和交易量的数据。交易所为交易大厅大量投资于IT，并为新技术带来的电子市场辩护。 2005年，种种压力迫使纽约证券交易所与领先的电子交易所Archipelago合并。纽约证交所最新的市场系统Hybrid于2006年推出，是纽约证券交易所第一个使投资者能够完全绕开交易大厅的系统。尽管采用了新技术，但其交易量份额却下降了。本文记录了交易所中IT管理的四个时代，详细介绍了27年的历史。证据表明，尽管IT投资已帮助交易所捍卫场内交易及其市场份额达数年之久，但它最终还是不得不采用全电子交易所的技术。

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