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The secure operation of power systems has become more and more dependant on complex control systems and power electronic devices. These complexities place challenges on the simulation tools required in online dynamic security analysis. A broadband hybrid simulator, being developed under a collaboration agreement between the Polytechnic University of Hong Kong and the Hydro Quebec Research Institute, will have applications ranging from electromagnetic transients to transient, dynamic and voltage stability, with applications including closed-loop protection and control studies, as well as online dynamic security assessment. In this paper, the authors review the development of real-time simulators and the broader applications of the next generation of simulators in the planning, design and operation of today's power systems.