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J ust as last century's advances in manufacturing technologies changed countless sectors of industry, the ongoing revolution in information technology is transforming the way we do business in the information-intensive financial services. Innovative wireless technologies, for instance, make market information accessible to traders, regardless of their location. The increased trade volume and information exchange speed resulting from such advances are significantly improving overall financial<span class="external-identifiers"> <a target="_blank" rel="external noopener noreferrer" href="https://doi.org/10.1109/mitp.2003.1216228">doi:10.1109/mitp.2003.1216228</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/xad7llilsnhqnjibcthnmlsvli">fatcat:xad7llilsnhqnjibcthnmlsvli</a> </span>
more »... ket performance. However, such innovations also pose new challenges. Understandably, concerns over security are especially strong in financial services. How can we give consumers convenience and easily accessible financial information while still ensuring privacy and security? In the past several decades, work on security technologies has yielded various effective algorithms and tools. But making these technologies suitable for the financial market's special needs is a major challenge. For example, building private networks for every application might ensure security, but it defeats the purpose of contemporary financial services, which is to give customers access to financial information from every trading floor in the global market.The demand for high security in financial services creates both challenges and new business opportunities. We discuss the unique challenges of securing financial services and suggest several technologies that can meet these challenges. THE FUTURE OF FINANCIAL SERVICES The Internet has already changed the way many people trade stocks by bringing up-to-date market information and do-it-yourself trading to average investors.As more people participate directly in market activities, IT must evolve to accommodate various new needs. For example, nomadic professional traders want the opportunity to trade while traveling; international brokers want to trade in multiple markets simultaneously; diversified investors want to trade bundled portfolios; and high-volume traders require strong anonymity and security. Wireless connectivity and Web services play essential roles in meeting such demands, offering financial traders unprecedented convenience, choices, and speed in accessing the dynamic financial information they need to make real-time decisions. These improvements, in turn, benefit the whole market by increasing liquidity and reducing information asymmetry, a condition when critical information is known only to some traders, rather than to all participants in the stock market. Wireless technologies Wireless information technologies let traders access financial services conveniently, from unconventional places, and at unconventional hours. This capability gives rise to the possibility of financial markets running continuouslyinstead of eight hours each weekday-and handling much larger volumes. High-volume trading could boost market liquidity. In turn, higher market liquidity is associated with lower immediacy
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