The role of the CFO has continued to expand since the passage of the Sarbanes$-$Oxley Act, with CFOs taking the central role in overseeing corporate compliance with the act and reestablishing public trust. CFOs must look outward and be business focused. Most CFOs are promoting strategic finance and encouraging finance staff to be team players who work closely with business units to achieve corporate goals.

Competition among the world$$s major securities exchanges has changed the composition of the financial marketplace. The NYSE and NASDAQ went head$-$to$-$head in the United States. The NYSE became a for$-$profit company, acquired Archipelago, an electronic exchange, and merged with Euronext to form the first transatlantic exchange. NASDAQ also expanded by acquiring its own ECN and buying a $25$ percent stake in the London Stock Exchange, which continues to look for a potential buyer.

Describe key trends shaping the practice of financial management.

How has technology helped financial managers?