Direct-access trading is a technology which allows stock traders to trade directly with market makers or specialists, rather than trading through stockbrokers. Direct-access trading systems use front-end trading software and high-speed computer links to stock exchanges such as NASDAQ, NYSE and the various electronic communication networks. Direct-access trading system transactions are executed in a fraction of a second and their confirmations are instantly displayed on the trader's computer screen. This is in contrast to a typical conventional online trader who requires seconds or minutes to execute a trade.