Nasrin Alinaghian - Master of Financial Management University of Isfahan
Naser Izadinia - Assistant Professor University of Isfahan

Exchange as an economic mirror has an important and remarkable role in accumulation of smallmoney. Real boom of exchange is a sign of economic efficiency and applying electronic exchange isan important step in this going. Case study of international exchange shows the important role of newtechnologies in increasing the productivity; while it is perfectly newfound in Iran exchange. Iran in2010 during execution of Article Fourthy Four of the constitutional law is implementing electronicexchange. Therefore, the effects of that should be appraised. This paper attempts have been made to study the effects of electronic stock exchange on stock trading from different angles and to evaluate its positive and negative effects on stock trading. In particular, we study the retail brokerage sector where the growth of online brokerages and the availability of alternate sources of information and research services have challenged the dominance of traditional brokerages. Findings present in three sections including positive effects, negative effects and effects on brokerage industry.

Electronic Stock Exchange, Online Trading, Brokerage Industry