Despite these inefficiencies, FX trading has evolved since exchange rates could float in the 1970s. Initially, the telephone was used to communicate bids and ask quotes in the interdealer market. Squawk boxes, which were multi-party phone lines like today’s conference calls, were introduced to relay buy and sell pricing to multiple parties, and are still used today in some emerging markets. With the introduction of electronic trading through the 1980s and 1990s, FX trading brought real-time pricing data and increased efficiency to the inter-dealer trade. Electronic trading has also brought FX retail trading to personal computers of many who wouldn't have been able to participate through retail aggregators. Algorithmic trading was introduced concurrently, and by some estimates, now accounts for one third to a half of all trades (King, Osler, & Rime, 2011).