A Study of Trading Platform Integration Strategies for Taiwan Securities and Derivatives Markets
Date Issued
2007
Date
2007
Author(s)
Kao, Wen-Ya
DOI
zh-TW
Abstract
This research report focuses on studying different system integration models of stocks and derivatives exchanges in developed countries and the Asia-Pacific countries by using the comparative analysis method. By using such method, this report gains a comprehensive overview of the different systems, and successfully induces the key indicators of system integrations from different stocks and derivatives exchanges after understanding the reasons, strategies, and trends for the integrations. This research is then dedicated towards studying of the system integration of Taiwan Stock Exchange (TSEC) and Taiwan Futures Exchange (TAIFEX), beginning with their history, current situations of the existing system integration and problems, future trends, and the differences between developing stages of system integration in the exchanges of developed countries and other Asia-Pacific countries. This report hopes to identify possible suggestions to make the system integration of TESC and TAIFEX more thriving.
Based on the researched understanding of the problems and needs for solutions, this research develops the framework suggestions of system integrations of TESC and TAIFEX. This framework includes integrated planning, distributed processing, straight through processing (STP), concentrated management, high reliable platform, and open architecture and interfaces. Short term suggestions include building a heterogeneous integrated system based on the network of Chunghwa Telecom Co. (by linking the systems of securities houses and futures brokerage houses to exchanges’ system and planning inter-exchange linkage of cross-border for building alliances with other regional partners to increase competitive edge in the region.) Long term suggestion is to plan the next generation integrated system for trading and clearing of securities and derivatives. This allows more flexibility and autonomy for the Exchange to develop its own new systems in the future. In addition, the Exchange has more time for a complete integration, minimizing the impacts of operation on other securities and futures brokerage houses.
Subjects
交易系統
系統整合
策略模式
直通式
分散式處理
TESC
TAIFEX
trading system
system integration
strategic model
STP
distributed processing
Type
other
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