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He and his team were responsible for the transformation of the NYSE to a fully electronic model, and conducted much of their IT work using open source.
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Nasdaq is a fully electronic marketplace, while the New York Exchange offers a hybrid model, with a floor-based marketplace and an electronic one.
Though the three markets will be separate and subject to their own sovereign regulators, the new markets in London and Tokyo would be modeled after Nasdaq, which is a fully electronic market where order flow is facilitated by market makers.
Euronext, fully electronic, will be open to the Internet and to electronic brokers.
The open-outcry trading floor has given way to fully electronic trading.
So why is it reportedly being wooed by NASDAQ, America's largest fully electronic stockmarket?
(With 1,500 mechanical relays, ENIAC was still transitional to later, fully electronic computers).
As of Monday, the Liffe will be fully electronic, a spokeswoman said.
If the NYSE is replaced by electronic rivals, or goes fully electronic itself, Spear would be invaluable in seeking out liquidity for its institutional clients.
Billed as the world's first fully electronic watch, it featured a tuning fork and electronic circuitry in lieu of a balance wheel.
Eurex, the top exchange in Europe, launched a fully electronic subsidiary in America this year, though with disappointing results so far.
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