In the late 1960s, Wall Street was nearly paralyzed by a paperwork crisis.Brokerages’ back offices were unable to process the growing volume of trades generated by the “go-go”market of the time. Asfigure 1 suggests, a wholeyear’s trading then wouldfit in a slow week in 1999.The rapid and continuousgrowth in capacity reflectsmassive investments inautomation