 Electronic or scriptless trading, sometimes called e-trading or paperless trading is a method of trading securities such as stocks, and bonds for an exchange or financial derivatives electronically. Information technology is used to bring together buyers and sellers through an electronic trading platform and network to create virtual marketplaces. They can include various exchange-based systems, such as NASDAQ, Nicaragua and Globax, as well as other types of trading platforms, such as electronic communication networks ECN's alternative trading systems, crossing networks and dark pools. Electronic trading is rapidly replacing human trading in global securities markets. Electronic trading is in contrast to older-floor trading and phone trading and has a number of advantages, but glitches and canceled trades do still occur. Trading in the financial markets can broadly be split into two groups. Business-to-business B2B trading, often conducted on exchanges, where large investment banks and brokers trade directly with one another, transacting large amounts of securities, and business-to-consumer B2C trading, where retail EG individuals buying and selling relatively small amounts of stocks and shares and institutional clients e.g. hedge funds, fund managers or insurance companies, trading far larger amounts of securities by and sell from brokers or dealers to act as middlemen between the clients and the B2B markets. While the majority of retail trading in the United States happens over the Intervenet, retail trading volumes are dwarfed by institutional, inter-dealer and exchange trading. However, in developing economies, especially in Asia, retail trading constitutes a significant portion of overall trading volume. For instruments which are not exchange-traded e.g. U.S. Treasury bonds the inter-dealer market substitutes for the exchange, this is where dealers trade directly with one another or through inter-dealer brokers i.e. companies like GFI Group, ICAP and BGC Partners. They acted as middlemen between dealers such as investment banks. This type of trading traditionally took place over the phone but brokers moved to offering electronic trading services instead.