1
SUPPORT AND ENCOURAGE ONLINE TRADING
MANIPULATION IN CYBERCRIMES
Rania Elgohary
1, Mohamed A.Elshrkawy2, Yehya M. K. Helmy3, and Mohamed S.A. Elwahab4
1
Information systems, Ain Shams University, Faculty of computer and information sciences, Cairo, Egypt
2
Information systems, Ain Shams University, Faculty of computer and information sciences, Cairo, Egypt
3
Information systems, Helwan University, Faculty of computer and information sciences, Cairo, Egypt
3
Scientific computing, Ain Shams University, Faculty of computer and information sciences, Cairo, Egypt
ABSTRACT
Despite the explosive growth and popularity of trading securities through the multitude of
Internet brokerage firms, there are a number of problems and challenges associated with this
venture. This study discusses and analyzes many of the problems and challenges plaguing the
Internet trading sector. The main objective of this paper is to bring light to the .dark-side. of
online trading as well as provide insight toward solving these dilemmas in an accurate and wellsupported
manner. Some of the items discussed include: hidden costs and deceptive advertising,
independence, reliability, execution of trades, security issues, and the long-term outcome of online
trading. .
You can make money fast and lose it faster,. concluded Drummer.s (1999, p.1).
I
N
T
R
O
D
U
C
T
I
O
N
Cybercrime is becoming ever more serious. Findings from the 2002 Computer Crime and
Security Survey show an upward trend that demonstrates a need for a timely review of existing
approaches to fighting this new phenomenon in the information age.
The first recorded cybercrime took place in the year 1820! That is not surprising considering the
fact that the abacus, which is thought to be the earliest form of a computer, has been around since
3500 B.C. in India, Japan and China. The era of modern computers, however, began with the
analytical engine of Charles Babbage.
In 1820, Joseph-Marie Jacquard, a textile manufacturer in France, produced the loom. This device
allowed the repetition of a series of steps in the weaving of special fabrics. This resulted in a fear
amongst Jacquard’s employees that their traditional employment and livelihood were being
threatened. They committed acts of sabotage to discourage Jacquard from further use of the new
technology. This is the first recorded cyber crime!
With the rapidly increasing role of the Internet in our daily lives on both, the personal and the
professional levels, the introduction of the Online Trading concept to the Financial Markets
deemed necessary.
Online trading is defined as buying and selling financial products or securities online using the
Internet. Stock Exchanges offering such a service should have an advanced trading system to be
able to absorb and handle online orders and their execution efficiently.
Investors interested in online trading should access the market through a licensed online broker by
either: sending an electronic order directly to the broker, who will then place this order on the
market; or placing the order directly on the market through the connection provided by the online
2
broker and under the brokers account. It is worth mentioning that in some markets, where more
than one stock exchange exists, online trading does not allow the investor to directly place his
orders on the market but he is obliged to send the orders over the Internet to his online broker, who
in turn decides which market to send this order to for execution.
Our research analyzed that online trading is a futures contract is an agreement to buy or sell
a commodity at a date in the future. Everything about a futures contract is standardized except its
price. All of the terms under which the commodity or financial instrument is to be transferred are
established before active trading begins, so neither side is hampered by ambiguity. The price for a
futures contract is determined in the trading pit or on the electronic trading system of a futures
exchange.
More over the internet now allows access to those electronic trading systems from
anywhere in the world. This increases liquidity in those markets and makes them even more
attractive to traders.
In spite of trading on all futures exchanges takes place against a backdrop of statutory
regulation and rules as laid down by each exchange and the Commodity Futures Trading
Commission (CFTC). Regardless of whether your trading is executed within the trading pit or
electronically, it is subject to the same rules, regulations and safeguards.
Our research explored the advantages of Online Trading which concentrated on Enables investors
to watch the trade execution details and to track their portfolios online, Provides real-time market
information, Eliminates bad deliveries, counterfeit signatures, theft and mutation of shares, being
the major problems that plague trading of securities, Facilitates cross-border transactions and helps
in avoiding the intensive need for intermediaries, Investors can benefit from the discounted
brokerage fees charged on electronic transactions In short, online trading makes it easier and
cheaper for investors to access the securities market.
However, analysts pointed out that online trading could be associated with some risks such as
encouraging active day trading, leading the overall market to be more vulnerable to volatility and
speculative deals. Therefore, online investors should be aware of the following:
1. Although online trades can be executed in few seconds, investors and traders must take
their time to make wise investment decisions.
2. Online trading requires high concentration as some investors place their orders more than
once mistakenly assuming that the orders have not been executed, hence ending up either
owning more than the amount demanded or with selling stocks they don’t own.
3. In fast moving markets, delays may occur due to the rush of orders placed on the market at
the same time, combined with quick price changes, online traders might end up with
transactions executed at different prices than wanted. Some investors protect themselves by
placing Limit orders rather than Market orders, where a limit order is an order to buy or sell
a security at a specific price, so a buy limit order can only be executed at the limit price or
lower, and a sell limit order can only be executed at the limit price or higher.
4. Online traders should determine if the stock quotes and account updates received are realtime
or delayed data.
5. Technological obstacles (e.g. internet provider delays, computer or modem problems, etc)
must be taken into consideration.
6.
Online traders should verify the registration status and disciplinary history of the online
broke
3
Online trading is a practice that has exploded in growth and popularity. Currently, there are
approximately 100 brokerage firms offering online trading. Society’s use of the Internet has
changed the entire concept of securities trading. In fact, CASE (2006) termed societies use of
online trading as .mainstream.. In further support of this notion, he went on to add that by the year
2006, it is predicted that 81 percent of the investors that own stocks will have an online account.
Currently, 25 percent of the households that own stocks have an online account.
CASES have over the Period (20 July 2006-16 April 2008) 18.768 LE Million value traded
processes been buying, 21,203 LE Million value traded processes been selling, 1,164 LE Million
volume traded processes been buying, 1,259 LE Million volume traded processes been selling and
the number of transactions 1028000 been buying, 990000 no. of transactions been selling as shown
in Table 1, Fig 1.
Buy & Sell of Brokerage Firms Eligible for Online Trading over the Period (20 July
2006-16 April 2008
).
0
5,000
10,000
15,000
20,000
25,000
Buy Sell Buy Sell Buy Sell
(LE Million) (Million)
Value Traded Volume Traded No. of Transactions
(Thousand)
Fig.1. Buy & Sell of Egypt Brokerage Firms Eligible for Online Trading over the Period (20 Jul. 2006-16 April 2008).
Another study estimated that by the year 2003 approximately 9.7 million American households
will manage more than $3 trillion in assets spread among some 20.4 million online accounts
(Drummer, 1999). These are mind-boggling statistics compared to just three years ago when
electronic trading was regarded a fad (Carroll, Lux, and Schack, 2000). Presently, in the U.S. one
out of every six stock trades occurs over the Internet (Kassenaar, 1999). In 1999 online brokerage
firms raised $1.76 billion in capital markets due to approximately five million online investors
(Economist, 1999, and Registered Representative, 1999). Despite all of its growth and popularity,
online investing possesses a host of problems and challenges for everyone involved. .You can
make money fast and lose it faster,. concluded Drummer.s (1999, p.1).
Trading on an electronic trading system may differ not only from trading in the stock market but
also from trading on other electronic trading systems. If the transactions on an electronic trading
system, it will be exposed to risks associated with the system including the failure of hardware and
Value Traded
(LE Million)
Volume Traded
(Million)
No. of Transactions
(Thousand)
Buy Sell Buy Sell Buy Sell
18,768 21,203 1,164 1,259 1,028 990
4
software. The result of any system failure may be the order is either not executed according to the
instructions or is not executed at all. Disclaimers:
a) Internet failures:
Since CMA does not control signal power, its reception or routing via Internet,
configuration of your equipment or reliability of its connection, we cannot be responsible for
communication failures, distortions or delays when you trade on-line (via Internet).
b) Market risks and on-line trading:
Trading currencies involves substantial risk that is not being suitable for everyone. Trading online,
no matter how convenient or efficient, does not necessarily reduce risks associated with
currency trading.
c) Password protection:
The Trader is obligated to keep passwords secret and ensure that third parties do not obtain access
to the trading facilities. The Trader will be liable to for trades executed by means of the Trader.s
password even if such use may be wrongful.
d) Quoting errors:
Should quoting errors occur due to a dealer.s mistype of a quote or an erroneous price quote from
a Trader, such as but not limited to a wrong big figure quote, CMA will not be liable for the
resulting errors in account balances. CMA reserves the right to make the necessary corrections or
adjustments on the account involved. Any dispute arising from such quoting errors will be resolved
on a basis of a fair market value of a currency at the time such an error occurred.
The paper is structured in 4 sections. The next section (II) outlines and reviews related literature
review. Section (III) provides a brief institutional background of the online trading problems and
challenges. Section (III). The final section summarizes and concludes.
Related Work
There are several studies in the literature that attempt to discuss some of the problems and
challenges associated with online trading. The first problem discussed in the literature is hidden
costs and deceptive advertising associated with online trading. Atkinson (2000) supported this
contention that buried in all the online trading hype resides the fine print. This obscure data
translates into a venture that is more costly than one was lead to believe. Another topic of
discussion was that of the independence one comes to face when it comes to online trading.
Delayed and varied execution speeds and self serving market makers were among the items
responsible for this pitfall of online trading as was collaborated in the studies by McNamee (2000)
and Patel (1999). Internet security is also a major concern to investors. Computer hackers and
viruses plague every sector of the computer community and with certainty will continue to do so.
The technology for online survey research is young and evolving. Until recently, creating and
conducting an online survey was a time-consuming task requiring familiarity with web authoring
programs, HTML code, and scripting programs. Today, survey authoring software packages and
online survey services make online survey research much easier and faster. Yet many researchers
in different disciplines may be unaware of the advantages and disadvantages associated with
conducting survey research online. Advantages include access to individuals in distant locations,
the ability to reach difficult to contact participants, and the convenience of having automated data
collection, which reduces researcher time and effort. Disadvantages of online survey research
include uncertainty over the validity of the data and sampling issues, and concerns surrounding the
design, implementation, and evaluation of an online survey.
5
PROBLEMS AND CHALLENGES
Internet applications are endless and e-commerce companies are developing innovative
business models and making advancements everyday. One of the fastest growing internet ventures
is online trading. The first internet securities trading occurred in 1994. By 1997, it has been
estimated that 17 percent of all trades occurred online via the internet (Goldberg, 1998).
Online brokerage firms emerged and the wealth of information available to many investors have
promoted the practice of investing through the internet. The opportunity that online investing
present to investors is intriguing and returns often seem very promising. Within these opportunities
lie many problems and challenges that are potential obstacles for the online investor. There are a
variety of issues that online investors will face today and continue to do so in the future.
Hidden Costs and Deceptive Advertising
Since the mid 1990s, investors have been seeing advertisements by multitudes of online
brokerage firms bidding for customers. There are the endless stories and portrayals of the average
person making thousands at the click of a mouse. Teaser advertisements boast of inexpensive or
even free trades -.teaser rates.- in relation to the high dollar commissions one would pay a broker
at a traditional full service firm (Atkinson, 2000). Now, even the traditional firms are offering
online trading at discounted rates, whereas in 1998, none offered online trading (Bielski, 2000;
Orr, 1999; Economist. 1999). So, why would anyone want to spend an exorbitant amount of
money to trade securities using traditional off-line full service brokers when they can start an
online account and do it themselves for a fraction of the cost (Brackey, 2000)? The choice appears
clear-cut, or does it? For example, compare a trade costing $104 through a traditional full service
firm versus $5 through an online brokerage. How can one go wrong? Well, buried in all this online
trading hype is the fine print that Atkinson (2000). Unfortunately, the advertisements leave out a
great deal of very important information regarding what all is involved in these accounts. As
Morgenson (2000, p.1) stated, .Online investing is far costlier than most investors think.. Nothing
is ever mentioned about the large minimum balance one must maintain or initially deposit in order
to qualify for these low advertised trading commissions (Kassenaar, 1999, and Financial Service
Online, 1999). an investor must possess a sizable sum of cash in order to qualify for some of the
low trading fees offered by brokerages. In addition there are additional obscure fees that investors
are required to pay when trading online.
Independence
The term .do it yourself. is very much applicable in the case of online trading. Many
investors who start online trading have no idea what this endeavor requires and the problems and
challenges associated with it. The main problem and challenge that one must tackle is that of
research. Without a broker to do this task, one is left to rummage through the endless and
complicated amounts of data and information. This would include data sources such as financial
statements, stock reports, company profiles, and the like. This is a very time consuming, necessary
and prudent task. One must possess the knowledge to understand the data and be able to ascertain
its reliability and validity.
The second dilemma faced by the .do-it-yourself. investor is that of investment advice.
Without a broker, the decision to buy, sell, or hold a security is left up to the investor (Brackey,
2000). Also, investors who possess a portfolio must bear the responsibility of managing it on their
own. Diversification issues and the like are matters that must be dealt with. They require extensive
6
research, knowledge, and time. Therefore, one must truly understand the risk and return
characteristics of the securities that they are buying and also have sufficient time to handle various
issues involved with this task.
Unfortunately, very few people possess the time and knowledge required to handle this task
responsibly and wisely, and therefore, it would be in his or her best interest to go through a full
service broker. Online brokerages can improve this situation by offering more tools to assist their
customers with investment decisions. Many brokerages are doing this and it appears to be a sign of
the times (Fraser, 2000). However, one should not expect too many services to be offered because
the lack thereof is the reason their trade commissions are low. It stands to reason that the more
services available, the higher the trading fees.
Therefore investors get what they pay for. In order to be profitable, they must have ample
time and knowledge to fill the gap that would ordinarily be filled by the duties of a full service
broker. With the passage of time, hopefully the online brokerage community will provide investors
with more account management tools.
Reliability
One is totally dependent on digital technology when it comes to online trading. After all,
one cannot trade online if they are unable to establish a .connection. with the firm. There are a
number of problems and challenges that can and do arise in association with computers and the
Internet. The results can be devastating should a problem arise at the most inopportune moment.
As investors are aware.... time is money. Computer crashes are inevitable, on the part of the firm as
well as the investor. Heavy internet traffic or volume is another factor that one must eventually
deal with (Patel, 1999). Connections and downloads can be delayed or stopped all together due to
Internet or web site congestion. Online firms vary in their computer hardware just as investors.
One can bet that there are brokerages that do not possess adequate backup servers or properly
maintain them. On the same note, there is the potential of brokerages having faulty .backups. or
the lack thereof. Some firms may not have an alternate means available for investors to conduct
trades. Should investors be unable to conduct an online trade for any reason, he or she should also
be able to place the order via the telephone or personally. Online investing requires that firms and
the investors possess reliable computer equipment and measures in order to fulfill their intended
purpose.
Another aspect of reliability is that of research materials. There are a number of sources
available on the Internet that one can obtain free information regarding an array of investment
topics. However, Opdyke (2000, p.1) warned in his study, .that the words, .good. and .free.
usually don.t go together in the same sentence.. Opdyke further asserted that within this plethora
of information resides data that is stale, incorrect, and in some instances fraudulent (Hirschey,
Richardson, and Scholz, 2000). Stale information includes out of date material and lagging stock
quotes. Chat rooms, bulletin boards, and other like forums cannot be relied on as credible
information sources. Opdyke.s study stated that the information one really needs to effectively
trade online is restricted largely to brokerage firm customers, institutional investors or those
willing to pay handsomely for the research material. Of course this aspect relates back to the issue
of .hidden costs.. In short, unreliable data sources can provide devastating consequences.
Everyone involved in the online trading process can help improve reliability. Brokerages
and investors must strive to improve their computer capabilities as well as keep their computer
systems operating in an efficient manner (Nikkei Weekly, 1999). It is imperative that brokerages
7
possess current as well as frequent backups of all data. They too must have a functional backup
system available to investors, should the primary system fail or encounter problems. At the very
least the firm should have an alternate server. A telephone system is another very beneficial
backup alternative, where investors can phone in their orders should they be unable to place their
orders via a computer. Investors must also keep up with their brokerages. computer capabilities as
well as their own and make changes accordingly. Technology is constantly changing and it is up to
both parties to ensure their systems are operating at optimum performance.
There are also steps that can be taken to improve the acquisition of reliable information.
The Internet will always contain information that is inaccurate and sometimes criminal in nature.
Sponsors of sites that contain securities data must monitor them frequently to ensure that only
accurate and up to date material is provided. Disclaimers should be posted on every site that does
not or cannot provide accurate information (Gordon, 2000). Online brokerage firms should provide
enough data for investors to make sound decisions or provide a list of sites where one can go to
obtain said data. Also, the SEC and other governmental bodies must continue to scan the Internet
and step up enforcement efforts on those sites and sponsors who mislead its readers. Investors
must educate themselves in regards to obtaining information from sites of this nature and be
cognizant of the dangers involved in doing so. Hence, online trading can be very unreliable.
Education, monitoring, regulation, and enforcement efforts can help reduce this stigma of online
trading.
Execution of Trades
Many people are under the impression that a trade is executed the moment the mouse is
.clicked. and at the amount expected. To understand how transactions occur, one must come to
understand the online trading process (Hamilton, 1999 and McNamee, 2000). The process begins
with the placement of an order. Once that order is placed with a brokerage firm, the firm then
forwards the order to a Wall Street .market making. firm that actually executes the order.
Brokerages often receive payments from market makers to get their business. This payment system
is referred to as .payment for order flow. and is very controversial due to the potential of abuse.
For instance, brokers may route orders where he or she is receiving the highest payments as
opposed to where investors get the best execution. Routing and rerouting orders is inherently slow
and result in poor executions. The market maker will match, but not necessarily beat the market.s
prevailing rate. A group of market makers may control 30 percent or more of the market.s volume.
They in turn can use this information for their own gain.
Online brokerages vary in their trade execution speeds as well as their trade execution
success (Patel, 1999). As volatile as the market is, an online brokerage that takes twenty seconds to
execute a market order can result in drastic expenses and losses. (A market order is simply an
order to buy or sell a specified amount of a security(s) at the prevailing market rate, whatever that
may be at the time the order is .filled. or executed). What compounds this dilemma is when an
online broker or another source contains lagging stock quotes, as opposed to .real time. stock
quotes (Patel, 1999). (Lagging stock quotes are quotes or prices that are not current with the actual
market price. Real time quotes are those that follow the market second for second and change
accordingly).It is the risks and problems such as these that online investors experience everyday,
but is seldom mentioned.
In the scenario discussed above, the investor could have placed a limit order on the buy; but
there is no guarantee that his or her order would have been executed (McNamee, 2000). Recall that
a limit order specifies that the investor will buy or sell shares at the price they specify. If their limit
8
price beats the order offered by the dealer who gets their order, the dealer has to post their order
where it will have a chance to be filled /executed. This translated into thousands of customers
losing the chance to buy or sell stock at favorable prices. The .execution. issue is a problem and
challenge that plagues investors and brokerages with serious negative implications.
Security
Another area of major concern is security, which not only plagues online trading but the
entire e-commerce industry. But, some argue that online investing is safe and secure. For instance,
according to Anderson (1998), president of Ameritrade, online investing is secure mainly due to
the fact that the only information being transferred over the internet are orders to buy or sell.
Others disagree, because hackers or viruses are infiltrating investors. accounts. These accounts
contain very pertinent as well as private information. However, there are times when very personal
information is transferred over the Internet. Many online brokerages allow customers to apply for
an account via the Internet. The information called for in these applications is very personal in
nature (e.g., social security number, bank account(s) information, and credit card(s) numbers).
While many firms have increased their security efforts by implementing complicated encryption
techniques and various up to date anti-virus software applications, there are still online firms that
are lacking in this area. Should these precautions be overlooked by a brokerage, the ramifications
can be devastating to its customers. One can only imagine the damage that could occur should his
or her personal information end up in the wrong hands.
Hence internet security is a serious problem that plagues the entire E-commerce
community. Computer viruses and hackers are always going to be a threat in our society. It is up to
online brokerages to maintain and strive to ensure that their computer systems are up to date in
regards to anti-virus software and encryption techniques. It is also up to investors to investigate
their brokerage firm to see what measures they are taking against this problem. Additionally, they
need to see what can be done on their behalf to guard against breeches of security. This is a topic
in which everyone needs to be abreast of and counter measures implemented. Failure to do so can
result in devastating consequences.
Long Term Outcome
Over time, aggressive online trading can have a negative impact on investor’s earnings. The
studies by Minkoff (2000), Future Banker (2000) and Chidley (1999) supported this contention.
They found that online investors make close to 10 trades a year, and by the year 2005 it is
estimated that each investing household will possess an average of 4.5 accounts. On the same note,
it is stated that people with Internet accounts trade more often, as well as, trade more on margin.
Furthermore, the Securities Industry Association (SIA) estimates that the average number of online
trades per day now exceeds 500,000 (partly because of day-traders).
With all this excessive trades, one must contend with excessive trading fees, and lower
earnings. McMillan (1999) and Levinsohn (1999) studies supports that excessive trading have
resulted in investors.s earnings to decrease. They found that investors increase their trading
activity when they open an online account. Through aggressive trading, people get roughly two
percentage points below what they would have achieved with a traditional .buy and hold. strategy.
Levinsohn (1999) concurred with this argument in by stating that online investors are dismissing
the rational strategy of buy-and-hold. McMillan.s strongest point in his study was that investors,
who outperformed the market by three percentage points before they began online trading,
typically lag it by two points afterwards. Atkinson (2000) echoed the sentiments of this argument
9
by stating that poor performance of a portfolio is directly attributed to active trading (i.e., it eats
away at its gains).
An investor that practices aggressive trading and is unwise to its long-range effects will
undoubtedly suffer the financial consequences of such behavior. Investors must be informed and
educated regarding the online trading of securities.
Securities trading simulation games which are offered through various sites are excellent
ways for investors to achieve this (Saunders, 1999). When it comes to the volatility of the market
or the cumulative fees associated with aggressive trading, the investor must be cognizant of the
ramifications of said factors (Economist, 1999). Patience and having an investment plan, such as a
buy and hold strategy, are key to profitability. In conclusion, the typical investor who practices
.buy and hold. stands to make more money than someone who ends up trading aggressively in an
uncalculated manner.
CONCLUSION
This paper empirically support and encourage online trading manipulation in cybercrimes
behavior of daily stock return by measuring the problems and challenges of online trading which
are deeply entrenched as discussed. There are steps that must be taken to improve this dilemma.
Investors must strive to better educate themselves through such mediums as investment simulation
games in order to fully recognize the intricacies of online trading. To prosper from this endeavor,
they must read the fine print in everything and posses the time and other requirements called for in
this venture. Maintaining and keeping computers technologically up-to-date is imperative on
everyone behalf.
We investigates the brokerages must focus on the customer and keep them fully informed on all
aspects of the business. Brokerage firms must ensure that their clients are capable of participating
in this form of trading. The CMA and other governmental agencies must continue to increase its
efforts in regulating and monitoring this sector of the market to insure that the customers best
interest are being fulfilled.
We concentrated that online trading presents numerous problems and challenges to everyone
involved. Investors must be prepared to work on this if they plan on reaping any benefits. With
time, knowledge and continued effort the dangers of online trading can be minimized. Being
informed and educated are the best safeguards in this ever-growing field of land mines.
There are a number of ways in which everyone involved in the online trading process may address
this concern. The CMA must continue to increase and improve regulation and enforcement efforts
surrounding this dilemma (Economist, 2000). Brokerages must adhere to these various regulations
and laws and make certain their affiliates are doing so as well. They must also remember that the
customer is the main priority. Their actions must always be in the customers. best interest. Again,
investors must educate themselves on the intricacies of online trading. From the results of time
lags to the details of limit orders, investors must be cognizant of the business in order to protect
themselves. Everyone involved can improve the process of trade execution if the correct steps are
taken.
Our developed research shows that the online trading have advantages futures as Leverage,
Commission Costs, Liquidity, and Ability to go short. No ’Time Decay’, Automated trading, almost
instant fills, Level playing field, in spite of have disadvantages futures Leverage, Can be a
10
disadvantage if it encourages trading with too high a risk for a particular strategy. A carefully
devised money management plan is essential. Overtrading, the instant nature of electronic futures
trading coupled with low commission costs and tight spreads can encourage a trader to take
additional trades to those determined by their trading plan. You on your own; you have to decide if
it’s a good or bad buy/sell. You have no advisor to help you. If you’re not a pro, your risks may be
higher.- If you’re not careful, you could end up trading too much just because it’s so easy too (I’ve
made that mistake ;-) but it’s in your hands to control. Location constrains - You cannot trade if
you are not on the computer where you have installed trading terminal software. It requires high
speed internet connection. These trading terminals are not easily available for low volume share
traders. Website performance - sometime the website is too slow or not enough user friendly.
References
Anderson, M. (1998). Inside an Internet Brokerage, with Ameritrade President Michael
Anderson.
www.money.com. 1998.
Atkinson, B. (2000). Trading Options: Buy Stock Online or from a Full-service Broker.
The
Seattle Times, (February 14): E1.
Bielski, L. (2000). TD Waterhouse.s Banner Year and Bull.s Eye Focus. ABA Banking Journal,
92(3): 48-50.
Brackey, H. J. (2000). Take Stock of whether you need to hire a broker. The Arizona Republic
(June11): D2.
Carroll, M., H. L., J. Schack (2000). Trading meets the Millennium.
Institutional Investor, 34
(1):36-53.
Chidley, J. (1999). Down and Out on Bay Street.
Canadian Business (September 24): 113.
Drummer, R. (1999). Inland Empire Focus Column. Business Press (July 26): 1.
Economist
(1999). Why Internet shares will fall. (January 30): 17.
Economist
(1999). Finance and Economics: The Real Virtual Business. 351 (8188) (May 8): Pg.
71-72.
Economist
(1999). Finance and Economics: Only Connect. 353 (8140) (October 9): 97.
Economist
(1999). Finance and Economics: Net Wrestling. 353, (8139) (October 2): 82-83.
Financial Service Online
(1999). Big Names Hit Online Brokerage With New Names.
(December):1.
Fraser, A. (2000). The Great Equalizer. Wall Street Journal Interactive Edition (June 12): 1.
Future Banker
(2000). Internet: Shakeout in E-Brokerage. (April): 20.
Gordon, M. (2000). Online Brokerages Should Warn About Outages. Washington Associated
Press (June 12): 1.
Gordon, S. (2000). Going for E-Broker: Traders are Jockeying. eBusiness Journal, 2 (4) (April):
13,14.
Hamilton, W. (1999). Wall Street: California; Day-Trading Firms Create Software,
The Los
Angeles Times (November 9): C1.
Hirschey, M., V. R. and S. Scholz. (2000). How Foolish are Internet Investors? Financial Analysts
Journal, 56 (1) (January-February): 62-69.
Kassenaar, L. (1999). Merrill Goes Discount Online: Brokerage Giant Launches Assault on
Schwab and E*Trade. The Montreal Gazette (December 01): D5.
Levinsohn, A. (1999). Online Brokerage, the New Core Account? ABA Banking Journal, 91 (9)
(September): 34-42.
McMillan, A. (1999). Online Trading.s Fun Factor. CNNfn: The Financial Network, www. cnnfn.
com (November 1): 1.
McNamee, M. (2000). Trading Online: It.s A Jungle Out There. Business Week (May 22): 68.
11
Minkoff, J. (2000). Brokerage: Online Brokerages Must Stand Out from the Crowd to Survive
Shakeout, Study Says. Web Finance (June 05): 1.
Morgenson, G. (2000). Market Watch: When Cheap Stock Trades Aren.t Cheap. The New York
Times (June 11, Section 3): 1.
Nikkei Weekly
(1999). Brokerages Rush to Upgrade Systems. (November 29): 15.
Opdyke, J. (2000). No Free Lunch. The Wall Street Journal Interactive Edition, www. interactive.
wsj. com (June 12): 1.
Orr, B. (1999). One Bank.s Response to the Online Trading Boom. ABA Banking Journal, 91 (5)
(May): 72.
Patel, A. (1999). Personal Finance Online: When Seconds make the Difference. Financial Times -
London (December 11): 2nd ed.:5.
Registered Representative (1999). Trends: Onslaught of Online Brokerage Ads Coming. 1.
Saunders, K. (1999). Internet Resources for Teaching Investments.
Journal of Education for
Business, 74 (3) (January): 186-189.
Maghyereh, Aktham, 2005, Electronic Trading and Market Efficiency in an Emerging Market: The
Case of the Jordanian Capital Market,
Emerging Markets Finance and Trade 41, 5-19.
