Internet auction markets offer customers a compelling new model for price discovery. This model places much more power in the hands of the consumer than a retail model that assumes price taking, while giving consumers choice of vendor and product. Models of auction market automation has been evolving for some time. Securities markets in most countries over the past decade have invested significantly in automating various components with database and communications technologies. This paper explores the automation of three emerging market exchanges ( The Commercial Exchange of Santiago, The Moscow Central Stock Exchange, and Shanghai’s Stock Exchange ( with the intention of drawing parallels between new Internet models of retailing and the older proprietary networked markets for financial securities.