Lecture 2 Case Study Notes.docx

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University of Toronto Scarborough
Financial Accounting
Douglas Kong

Lecture 2 Case Study Notes: Information Systems Strategy at the Toronto Stock Exchange The Exchange Industry  Financial markets have existed to match individuals who require capital w/ individuals who have capital to invest  Prior to the advent of computers, the matching process occurred via floor trading (i.e. physical contact b/w buyers and sellers and manual exchange records processing)  Successful exchanges had two key ingredients—liquidity and quality o Liquidity was the ability of a market for a stock to absorb a reasonable amount of buying and selling w/o major price changes  The lower the liquidity of a given market, the greater price fluctuations due to buying and selling  Price fluctuations are referred to as market impact costs o Exchanges  There are 3 key customers; brokerage houses, listing companies and investors (individual and institutional)  Brokerage industry provided specialists required to conduct tra
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