Prepared for Mat M. | Delivered December 10, 2019
Stock Market Technology
To understand the technology required to run a stock market.
While not exactly a stock market itself, some similar principles will apply. The
to run a trading platform includes: authorization system, user page to manage personal data, view/edit data interface, payments and transactions mechanisms, newsfeeds, real-time tracking, deposits, quote monitoring, search, analytics, sorting/filtering and push notifications.
The NYSE and several other major stock markets use an
to trade. Therefore, the relevant technology would need to support this 'bidding' system for direct buyer-seller relationships.
The NYSE uses actual humans on the trading floor, so the technology would look quite different than another stock market type.
However, NASDAQ (and others) use a
. A system would need to support these market-makers listing prices to facilitate buying and selling between the relevant parties. All trading is done
from no particular location.
NASDAQ uses the
Small Order Execution System
to automatically execute traders under 1,000 shares.
Its backend technology is essentially broken down into
: the interface, the matching engine and quote services. The matching engine is apparently a
, high-powered computer.
The London Stock Exchange uses a system called the
. The system is
and runs on commodity Intel hardware.
There are reportedly about
trading platforms in use in Europe.
The Tokyo Sotck Exchange
it was upgrading its "arrowhead" trading system in partnership with Fujitsu.
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