It was nothing short of a revolution in the world of exchanges. However, the revolution itself happened in stages: the first one between the middle of the 1980s and the end of the twentieth century, where a transition was made from noisy, manpower-intensive floor trading to quiet, anonymous electronic trading. It was but a bloodless revolution, and the world of old capitulated reluctantly.
But it was not only technology that brought about change for the stock exchanges at that time. For centuries they had been self-sufficient, non-profit organizations that hardly competed with one another. Only when the demutualisation process began, the transition to a corporate form based on the economic success of the exchange itself, did they begin to look beyond their own boundaries. Stock exchange management and organization had to be entirely re-positioned, cost management was suddenly in demand and a completely new marketing awareness took hold.