Resumen
The article understands the role of e-commerce in restructuring distribution channels by examining factors influencing the collapse, shift and expansion of channels. The hype surrounding e-commerce can be both relentless and confusing. Of particular concern to managers is the effect of online commerce on a firm's distribution channels. Distribution channels have been viewed as a strategic asset and channel design has been recognized as a key to successful competition. However, many managers are perplexed when it comes to understanding the impact of online commerce on existing channels, determining where opportunities lie and recognizing threats that exist. A subset of issues related to the collapsing, shifting and extending of distribution channels is examined here, including a series of examples illustrating the forces behind the current channel dynamism. The Internet have created increased opportunities for firms that originate products and services to sell directly to consumers. Many firms embraced the siren song of disintermediation.

Resumen
This article evaluates the effect of the Internet on international financial transactions, particularly foreign exchange trading. The Internet, together with deregulation and globalization, has engendered a wave of hyper competition and coming of new exchanges, markets, and distribution channels providing opportunities for cost reduction and strategic advantage. Entrepreneurs, individual financial institutions, and banking consortia are all competing vigorously to gain a foothold in the market for electronic foreign exchange (eFX) platforms. The interrelationship between technological change and market structure in the context of foreign exchange markets, identifying critical management, economic, and technical phenomena, have been emphasized. It is observed that eFX platforms are driving forex markets toward commoditization, complete transparency, improved efficiency, and end-to-end automation via straight- through processing.