Technology And Information Technology

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The world today has evolved from and continues to be subject to several rapid and transformational technological advancements and developments. Most changes which have been experienced by developed economies can be traced to growth in Information and Communications Technology, concentrically known as Information Technology or IT (Castells, 1999). From education, health, and entertainment to government and economics, these multi-dimensional developments, resulting from the increasing use of IT, have been observed in many different areas of human life. Similarly, it can be observed that Information Technology has weaved a large web of influence all over the world when it comes to progress in Finance and Economics. IT has become the underpinning of “every sector of every economy, everywhere” (Kramer, Jenkins, and Katz, 2007).
Financial markets formulate a crucial segment of a society’s economy.Stock exchange or the stock market is the most popular and influential form of these financial markets. Stock markets tend to increase domestic savings and improve the quantity and quality of investment in a society and thereby help accelerate economic growth (Dewan, and Mendleson, 1998). Telecommunications and computer technology innovations have significantly altered the quality and structure of financial markets (Hobjin and Jovabonic, 2000). IT is involved with the functioning of financial markets, particularly the stock market, in a number of ways. These include

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