Only months ago, it seemed the Irish Stock Exchange's relevance might dwindle further in the face of a superbourse linking all the major markets in Europe. While Dublin would have to be a part of any such project, its status would be even lower than that of the Republic at the table of the ECB on rate-setting day.

Now it looks as if the more senior European markets face the same risk. The pace of progress has been infinitesimal. The machinations of the major players - London and Frankfurt - in trying to secure the ascendancy in technology, rules and control has served only to ensure that all the markets will lose out.

The arrival of Internet stock trading in Europe will alter radically the way business is done - certainly in the absence of any viable alternative from the established exchanges. Already, in the US, one in seven trades was being conducted on the Net by the end of last year, a fourfold increase in just two years.

In the Republic, flotations of public utilities and mutual societies are widening the shareholder base. In addition, free Internet use will make the markets more accessible. Internet trading also removes some of carefully cultivated veneer of mystery about the workings of the stock markets. Time for the old guard to wake up fast before opportunity passes them by.