In his 1992 book, The Twilight of Sovereignty, Wriston predicted the rise of electronic networks and their chief effect.

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Besides, electronic corporate trading has a rapid multiplier effect.

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The result of allowing phone calls in the air would produce the opposite of the tranquilizing effect of permitting other forms of electronic communication.

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According to Mr Whitcomb, avoiding odd sixteenths is nonetheless a symptom of something quite worrying: that there are in effect two Nasdaq markets, one centred on the electronic systems, in which best prices are set, and the dealer market, which is a price follower.

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He digs like a dog to learn his subject, particularly if the subject is narrow and peculiar, such as opto-electronic switches, P-N junctions or a hailstorm's effect on spread spectrum wireless video transmission.

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That policy baldly contradicted the electronic interference theory, except insofar as 500 passenger devices might have a cumulative effect.

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By going fully electronic and joining up with other futures markets in the region, it hopes, in effect, to combine several medium-sized markets into one big one.

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The levy itself will not take effect until Tuesday, following a public holiday, but action is being taken to control electronic money transfers over the weekend.

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