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Abstract
E-finance is defined as “The provision of financial services and markets using electronic
communication and computation”. In this paper we outline research issues related to e-finance
that we believe set the stage for further work in this field. Three areas are focused on. These are
the use of electronic payments sys tems, the operations of financial services firms and the
operation of financial markets. A number of research issues are raised. For example, is the
widespread use of paper-based checks efficient? Will the financial services industry be
fundamentally changed by the advent of the internet? Why have there been such large
differences in changes to market microstructure across different financial markets?
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