| The electronic technologies, represented by computers, communications and Internet, have growed rapidly during the past 50 years, and have penetraded comprehensively in securitites markets all over the wolrd. After supplanting the traditional floor trading, electronic trading has dominated in the field of securities trading. Under the circumstances, this paper chooses the electronic trading's effects of the securities market as the topic of research.This paper includes 7 chapters as follows:The first chapter is the introduction, which introduces the research background, the literatue reviews, and the framework arrangements, research methodology and innvoations of the paper.The second chapter concerns with the developments of electronic trading in securities markets from different angles. As to the change of trading techonogies, most markets have evovled from floor trading to electronic trading. Among different markets, electronic trading have penetrated most comprehensively in the stock market. As to the trading process, electronic trading has prevaded in the pre- and post- trade information dissemination, order transmission and execution, settlements, etc. In 1990's, Internet has altered the traditional operation model of securities trading, which mainly includes the trading services on Internet, Internet DPO and alternative trading systems.The third chapter studies the effects of electronic technologies on the stucture of securities markets. Finance and economics have different understandings of market structure. As to the microstructure of securities market, electronic trading mainly affects price formation mechanisms and transparency of information dissemination. As to the industrial organization arrangements, electronic trading affects the competetive enviroments among brokers, market-maker/specilaists and traditional exchanges.The fourth chapter studies the effects of electronic technologies on the liquidity of securities markets. Liqudity reflects a kind of capacity that enables traders to trade the securities with justified prices, conveniences and low costs. Four methods are used to measure the liquidity of securities markets. Electronic affects the liquidity through improving the market transparency, accelerate more active investment and self-fulfilling of liquidity. The emprical results from the HIS market show that electronic trading can bring down the bid-ask spreads ofsecurities tradings.The fifth chapter studies the effects of electronic technologies on the efficiency of securities markets. Market efficiency has diversified forms in the literature. But in essence, the market efficency is the allocative efficency, whose forms include the operational efficiency and functional efficency. The effects of electronic trading on operational efficency include the participation of enough traders, accurate and immediate information dissemitaion, the conveniences of trading, etc. As to the functional efficency, electronic trading can bring down the cost of equity capital and equity premium, which means that electronic trading is beneficial to the efficiency of financing.The sixth chapter is dedicated to the supervision and management on the nsks in the electronic trading of securities markets. According to the international experiences, the risks arising the electronic trading include operation risk, security risk, deceit risk on Internet and market volatility risk, etc. The core principle of the supervision and management on the risks is to protect the benefits of investors, which has been acknowledged all over the world. The supervision and management on the risks in the electronic trading of securities markets should be excuted through a comprehensive system which includes the regulations offered by government, the supervisions offered by exchanges, the management by securities companies and the responsibilities of investors themselves.The seventh chapter probes the development and management of electronic trading in China's securities markets. The eletronic trading in China's...
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