Electronic brokerage firms began making their appearance in 1995 as use of the Internet exploded and problems of data security were reduced to tolerable levels (both Netscape Navigator and Internet Explorer had implemented sophisticated encryption that allowed data to be transmitted over the Internet without significant risk of security breaches.) Many of the electronic brokerage firms appearing on the scene in 1997 were start-up ventures launched by young Internet entrepreneurs---E*Trade and Web Street Securities were the most visible and successful of these ventures. Several of the new entrants had been established by mutual fund firms and other financial institutions to provide an additional service for their existing customers and bring in new revenues. Most owners and managers of the electronic trading firms were convinced that "the Internet was it" and that the future of retail brokerage was in electronic trading.