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There already are several electronic systems that trade after
hours: GLOBEX, Project-A, ACCESS, and so on. In Germany and Sweden,
most of the stock index futures and options trading is electronic.
I think beyond the unwillingness of the exchanges to lose franchise,
there are some kinds of orders that don't translate well to electronic
systems. Also you get a degree of exposure of your intentions with
resting orders that big players might not find acceptable. Another
thought is that making a market in an electronic system might be
tougher than with floor locals, who can size up the pit with one glance
at the action and decide whether to step in or not, I don't know
if an electronic system would provide enough feedback that people
would want that liquidity providing role to the same extent.
-jp
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