Big Bang, the deregulation of the London Stock Exchange in October of 1986, was accompanied by changing industry structure, altered regulatory environment, and new trading practices. In particular, trading was automated, and the floor of the Exchange rapidly was abandoned. Such massive discontinuities have produced opportunities in other industries. Although they may prove temporary, opportunities are arising to seek competitive advantage in London. Given the informationintensive nature of securities trading, and the great differences in resources and experience with technology enjoyed by different firms, many of these advantages will entail use of information technology.