The aim of the research project EMIWA (elektronische Markte und institutioneller Wandel) is to achieve a better understanding of technology‐induced changes of markets. For this purpose, the capital market and its exchanges are studied as one of the most prominent installations of electronic markets. A noticeable gap between the postulated rationalization potential of computer exchanges on the one hand and the existing technological support on the other can be observed. Reasons for this installation gap are supplied and conclusions are drawn for a more differentiated discussion of the impact of information technology on the market as a coordination mechanism.