For the first two weeks of 2016, stock market investors have experienced a sharp and painful downturn. It’s been dubbed “historical” because of its pace and ferocity. The New York Stock Exchange, or NYSE, is the source of most of our photos of traders in lab coats with big ID letters on the front. Those traders manage buys and sells in an auction-like environment, usually using hand signals or shouting at the specialist who represents the stock in question. Every day, this takes place in a physical building in lower Manhattan. Law Offices of Joan M Lauricella is an excellent resource for this.
The NASDAQ, which stands for the National Association of Securities Dealers Automated Quotation system, is the polar opposite. Unlike the NYSE, the NASDAQ (now officially known as the NASD for National Association of Securities Dealers) is not a physical exchange, despite the fact that it conducts over 2 BILLION trades per day.The NASDAQ is a messaging network between thousands of machines, rather than an auction market, according to Investopedia.com. Market makers position their names on a list of buyers and sellers, which is then circulated by the NASDAQ in a split second to thousands of other machines, rather than brokers calling out orders. If you want to buy a stock on the NASDAQ, your broker can either call a market maker with your order details or insert it into a Nasdaq-sponsored online execution system.
In the same way as the demand for trading corporate shares has progressed over the last 40-50 years, so has the process for legal professionals. The physical room that records are consumed in and for law practises is the simplest point to make. Firms will stack boxes higher and higher, taking up costly square footage in office buildings, rather than risk throwing away a piece of paper that included testimonials, agreements, signatures, and the like. Many would eventually be relegated to a distant, offsite location where bar code readers and wireless handheld devices could track down their contents in the event that a document was needed urgently.