大型券商集中交易系统实现架构的研究

针对中国券商经纪业务正在进行经营模式转型的现实需要，该文提出采用低成本的Intel架构建设大型券商集中交易系统的方案，并从可靠性、高效性、扩充性、经济性的角度分析了系统的部署结构、关键技术和业务架构，揭示了基于低成本Intel架构的集中交易系统已达到券商进行经纪业务转型的要求。     

证券集中交易系统设计

介绍了证券交易系统的技术架构设计方法,提出了分布式证券集中交易系统的设计方案,阐述了证券交易系统设计中涉及的技术架构、业务架构、功能、性能、可靠性、可扩展性、运维和监控等方面的设计方法和原则,并列举、分析了两个根据文中方法建设的证券交易系统的应用案例。     

证券公司集中交易系统的优化

集中交易为证券公司在节约成本、规范管理和业务创新等各方面均带来了诸多优势,我公司作为业内业务及技术创新方面均处于前沿的券商,在大集中的基础上又进一步开发了风控管理系统、综合业务平台、CALL CENTER和VIP独立交易系统等系统,尤其是VIP独立交易系统推出后,大大提高了VIP客户的交易速度和通道效率,做为一项技术革新深受VIP客户的好评,但为进一步完善该系统功能、提高交易速度,公司又专门对此进行了性能优化,本人做为项目负责,参与了系统优化改造的全过程,下面结合实例来探讨一下集中交易基础上的VIP客户独立交易系统的性能优化。     

一种银证网络交易系统的设计

银证网络交易系统是通过高速网络连接银行与券商,使股民能直接利用银行活期帐户资金,通过互联网、电话及柜台等多种电子交易渠道进行实时股票买卖交易的网络软件系统。从软件开发的角度,详细阐述了研发的一种银证网络交易系统的体系结构、系统特点、设计实现和关键技术。     

基于Windows的证券集中交易系统

证券交易系统朝着集中交易的方向发展已是不可避免的趋势。在选择平台时人们常常想起大型主机或小型机，而忽略了业务的需求。文章本着不盲目追求高性能的理念，介绍了基于Windows平台的证券集中交易系统，详细说明了系统的逻辑结构和网络结构。     

集中交易——新一代证券交易系统

目前中国大多数券商的交易模式是以营业部为主的分散方式,这不仅不利于券商的自身发展,也不利于业务的管理与竞争。随着加入WTO和世界经济一体化对我国证券市场的影响,国内证券业将面临着十分严峻的挑战。为控制风险、提高投资效益和管理效益、增强竞争力,国内券商已纷纷从以营业部为主的分散交易模式向以总部为中心的集中交易模式过渡。集中交易——新一代证券交易系统将成为今后几年国内券商系统建设的主流。集中交易包括数据集中、交易集中、清算集中等几个方面。     

证券集中交易数据库备份策略

在目前券商普遍进行集中交易的过程中，数据库的灾备问题日益突出。如何在证券集中交易的架构中进行数据库的有效备份，是券商必须考虑的关键问题之一。根据长期的调研，提出了2种备份方式：本地实时备份，异地实时备份．并以本地实时备份为主要讲解对象。     

基于中间件的集中交易系统的设计与实现

基于交易中间件和消息中间件技术,设计实现了一个集中交易系统.文章详细描述了系统的架构和应用程序设计框架.系统具有良好的并发处理能力和高实时性、高可靠性、易扩展的特点.系统的设计与实现方法给相关企业的应用提供了一个借鉴和参考.     

烫手的集中交易

对通信质量和架构风险的担忧、来自内部管理变革的阻力、作为后盾的银行业大集中尚待成熟以及政策体系的不完善,种种问题使得近年来愈炒愈热的网上集中交易在券商那里已然成为了“烫手的山芋”     

证券集中交易系统探析

证券交易系统从分散走向集中是信息技术在证券行业发展的必然趋势 ,同时也是证券公司集中化管理和金融业务创新的必然结果。本文首先提出了证券集中交易系统的体系架构以及实现模式 ,论述了证券集中交易系统应该满足的一些基本要求以及集中交易方式与以营业部为中心的分布式交易方式相比所具有的优势。最后 ,对集中交易系统所面临的一些主要风险进行了分析     

The legal recognition of online brokerage in UAE: is a conceptual rethink imperative?

The flourish of online brokerage in the United Arab Emirates does not only rely on the technology but also depends on the legal framework and whether it is flexible enough to encompass such modern form of brokerage and allow the smooth running of its procedures. This paper thus explores the main challenges that might face the future of online securities transactions via the Internet, and determines whether or not the current legal framework provides adequate protection to the investors in an online environment. Furthermore, this paper briefly addresses the issue of what the law ought to be in order to enhance the trust and the predictability needed by the relevant parties involved in online brokerage service over the Internet.     

A Brokerage Framework for Internet Commerce

Electronic brokerage is regarded as a core functionality in overcoming many current limitations of Internet commerce. In this paper, we describe current approaches to brokerage services, both, on the Internet and for distributed object systems and analyze how brokerage influences business models for electronic commerce. We then describe OFFER, a project that focuses on advanced models for brokerage on the Internet. We investigate a variety of brokerage services and provide a high-level specification for core components of a generic brokerage service on the Internet. The work should provide a framework to classify existing approaches and a roadmap for further research in this emerging field.     

基于Linux平台的单元测试用例执行框架

测试用例执行框架是代码测试系统（Code Testing System CTS）的重要组成部分,用于执行测试用例,捕获插装结果。在CTS系统从Windows平台向Linux平台移植的过程中,测试用例执行框架遇到了线程调用和控制不兼容,异常捕获失败以及代码编译不通过等问题。本文通过使用Linux平台上常用的Pthread线程库,解决线程调用问题,通过设计并实现异常栈解决C语言异常捕获失败的问题,通过解析被测单元所在C语言工程的makeifle文件,提取出编译需要的头文件及链接共享库或静态链接库需要的链接选项,解决测试用例执行框架编译失败的问题。通过解决上述问题,CTS的测试用例执行框架能够在Linux平台上正常运行。     

证券行业通用智能监控系统的研究与实现

分析了证券行业计算机监控系统的现状,指出证券行业信息监控系统的特点和需要完成的三个方面任务,提出以证券公司总部为核心,进行分布式布局的集中监控体系的整体架构。并给出了集中监控体系中的各模块功能说明、集中监控体系架构的工作原理以及后台监控核心处理系统、前端机房处理机监控系统、报警信息终端三个核心工作模块的设计思路。利用系统中的报文驱动模块工作技术和通用数据库监测技术,实现了具有扩展性的证券行业通用智能监控系统。本系统在多家证券公司投入使用,取得了良好的运行效果。     

框架技术在证券交易系统设计中的应用

文章在对框架技术进行研究的基础上,论述了设计框架所要解决的问题,并提出了相应的解决方法,最后设计并实现了一个证券交易系统客户子系统的框架。     

BPM系统在证券业中的实现研究

业务流程管（business process management，BPM）在最近几年的研究中多局限于通用领域。论文的目的是获得BPM系统在证券业领域实施的过程和步骤。论文根据证券业信息系统的实际情况和BPM系统实施的特点和要求，给出了证券业实施业务流程管理的总体框架，提出了从数据中心建设、业务流程建模、建立并应用工作流、流程的改进和优化、实施生命周期管理到最终向知识型企业过渡等6个证券业BPM实施阶段，并结合部分关键业务流程进行了Petri网的建模。论文最终建立起一个证券业实施BPM过程的参考标准和模型。     

The Rise of Neo-Intermediation: The Transformation of the Brokerage Industry

Developments in information technology and increased competition both within and outside the industry have led to the unbundling and desegregation of brokerage functions. Nimble on-line institutions like E*Trade and Microsoft Investor are usurping the roles traditionally played by full-service and discount brokerages, forcing some powerful firms to narrow their focus and others to broaden their product offerings. These changes raise the question: will full-service and discount brokerages continue to exist as we know them in the twenty-first century? To answer this question, the authors provide a new market transformation framework called Neo-Intermediation that helps explain how leading on-line firms are desegregating and reagregating functionality in order to create value in innovative ways. The pattern of change for brokerages is: Unbundling of traditional services—market players examine the elements of the buyer and seller relationship; Reallocation of authorities as the “customer” determines what they will do and what they will pay for in the market; Creation of strategic alliances with complementors—sites/products whose products complement yours. This means that if a customer has their product, they would also want yours; and Repackaging and emergence of both commodity and differentiated service providers that serve the needs of the “new” customer. The authors believe that these patterns are evident in all forms of financial services and form the basis of market interventions in most service industries. This paper addresses the transformation of the brokerage services marketplace. With new patterns of intermediation emerging, the winners of the future will be those who most successfully create new context bundles that meet customers' needs.     

An optimal schedule for dollar cost averaging under different transaction costs

Dollar cost averaging is a popular habit adopted by investors who recognize the diffculty in consistently timing the market. Recent technological innovations allow for the direct deposit of a predetermined portion of each paycheck into a brokerage account for the purchase of equities. Since most payperiods are biweekly or monthly, the automatic and frequent purchase of small amounts of equity produces substantial transaction costs. If funds were allowed to accumulate for a time in a money market account prior to equity purchase, then transaction costs may be lowered. However, since equity returns are generally more than that earned in the money market, delayed purchases would forfeit higher returns. In this study, we determine the optimal transaction size to maximize returns. We use the classical economic order quantity framework of inventory management and extend that framework to deal with the special discounting structures commonly offered by brokerage firms. Numerical examples and sensitivity analysis of fixed and variable transaction cost structure models are presented.     

证券公司IT测试环境管理实践

以某证券公司的测试环境管理为例,阐述了在同类证券行业进行测试环境管理的一些经验,并对测试环境管理做了框架性的系统研究。充分利用虚拟机和自动化配置技术,构建了一套可用于证券公司的测试环境管理框架。