The introduction of computer technology has had a dramatic effect
on the securites industry.  From humble beginnings as the New
York Curb Exchange where members shouted across street corners,
the stock markets have become a highly sophisticated national
network.  The industry has always had a  history of automation the
most famous aspect of which was the paper ticker tape.  This
ticker tape has long since been replaced by a computerized system 
as have most aspects of the business.  Today prices, volume and
availability of stocks for all markets can be retrieved at a 
broker's fingertips.  This easy access to markets and information  
has consistently increased the volume of securities transactions.  On August 3, 1984, an all time high was hit on the
New York Stock Exchange when trading volume topped 239 million
shares.@foot(@ux(The Wall Street Journal), August 6, 1984, p. 1.)

This trend toward increased automation, however, has not arrived
without its share of problems.  Many brokers today are afflicted with a
syndrom popularly called "data overload."  They complain that the 
flood of research and analysis recommendations inhibit their
ablility to carry on the real business of selling securities.  In
addition the industry is faced by a more common problem affecting
all computer users - the question of computers replacing people.

@heading(IMPACT ON THE EXCHANGES)

@subheading(Backround)

The securities market is split up among several exchanges
across the country.@foot(For the purposes of this paper, only the United
States security markets will be considered.  Many of the topics
discussed, however, have similiar implications in the
international markets.)  The most important exchange is the New
York Stock Exchange.  Over 1,500 common stocks are listed on this   
exchange accounting for about 80 percent of the $200 billion
trading volume annually conducted nationwide.  The second largest
is the American Stock Exchange, also located in New York, with 1,300
issues equaling 10 percent of national volume.  An additional 350
stocks are traded on each of the remaining regional
exchanges.@foot(Weston, p. 21.)  These exchanges include:  the
Boston, Cincinnati, Intermountain (Salt Lake City), Midwest,
Pacific, Philadelphia, and Spokane.  Lastly, about 30,000 stocks   
are traded in the so called over-the-counter market which
received its name from the days when paper certificates were
literally traded over-the-counter of a dealer's shop.  As opposed
to the formal auction exchanges, the over-the-counter market is a
dealer market.  This means that the party selling the stock is a
"market maker" not a broker.  The over-the-counter market a is wide 
term used for all trading done off the floor of the organized
exchanges including: almost all corporate and public bonds, new
issues of securities, mutual funds, and most bank and insurance
companies' stocks.@foot(Weston, p. 23.)  

@subheading(Over-the-Counter Markets)

In 1964, the first major computer revolution hit the stock
market.  Interestingly, this change did not come from