Securities trading automation was pioneered in the 1980’s by players such as the Toronto Stock Exchange, Instinet and the Investment Technology Group. These developments coincided with the birth of Statistical Arbitrage at Morgan Stanley out of the pairs trading ideas of Gerry Bamberger. 1980 also saw the beginnings of a revolution in Information Technology development pioneered by nascent firms such as Microsoft, Digital Equipment Corporation and the introduction of ARPANET, the forerunner of the Internet, by the U.S. Defense Advanced Research Projects Agency The pioneering trading innovations have seen wide adoption aided by remarkable developments in computers and networking. However the underlying trading ideas and techniques have not been the subject of quantum leaps in innovation, rather they been progressively refined and imitated. This session will review the current state of the art in securities trading and point to possible future developments.