He said he would also consider a merger with another electronic market.

"They would pull their volume off and trade on the electronic markets."

"The industry was shocked," said one senior executive at an electronic market.

Most companies, however, go public on Nasdaq, an electronic market that has no trading floor.

"This is part of being a transparent electronic market," she said.

In a broader sense, price discovery is not critical for electronic markets.

The best way to maintain market share is to make sure that you face the threat from electronic markets.

In the last stage of the process, the electronic market is introduced.

"They're a lot more advanced in certain electronic markets than we had reason to believe."

It will be necessary to create greater legal security in the electronic market.