Information technology stock market. Electronic securities trading

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The securities market is developing at a significant pace, and now it has reached a level where its effective management has become unthinkable without the use of powerful computer systems and modern telecommunications. Progress in the field of application of computer technologies in the securities market is also due to the fact that by now there is a wealth of world experience in the development of such technologies and their implementation in the world stock markets.

stock markets developed countries(and on Russian market securities too) in their formation they went through all the stages from traditional methods of trading from voice to a system electronic trading. Today, newly created securities trading centers, bypassing the traditional stages of trading development, immediately implement automated trading systems, and also use computer technologies to serve other market sectors (depositories, registrars, systems for investors, information service systems). There are two factors that influence the acceleration of the introduction of computer technology in the securities market. First, with the help automated systems it is possible to significantly increase trading volumes as a result of an increase in the number of types of securities offered and the number of bidders. Secondly, the securities market is such a sphere of national economic system where information plays a decisive role. Therefore, methods of prompt delivery of information to market participants, both price and other, which may affect decision-making, must inevitably develop; conduct a qualified analysis of the situation on the market as a whole and the securities market (SM); there is a need for means of prompt search for reliable counterparties for concluding transactions, providing the least risks when choosing them.

The multiplicity of connections, the branching of the RZB determine the features of its information support. Exchange transaction systems must meet the following requirements:

Reliability of work and prompt recovery of work in case of failures without loss of processed information;

Security from unauthorized access, destruction and distortion;

Complexity, that is, system integration of technical, software, information support;

Integration of the functions of the trading system and electronic depository with the maintenance of all life cycle valuable papers;

Flexibility, that is, the ability to adjust to serve various types of financial instruments without carrying out large-scale modifications;

Novelty or the possibility of solving new information problems on exchange operations;

Responsiveness to requests from both local and remote users;

Opportunity to participate in the auction of individuals and legal entities in real time mode (on-line) and in the mode of delayed processing of trading information (off-line);

Ensuring the entire flow of transactions, taking into account peak loads in the market;

Compliance with existing international standards.

Stock market AIS are divided into informational and trading.

Information systems reflect information received from stock market participants and external sources. The timely availability of reliable information is of great importance for making the right decisions in the stock market. Requirements for information systems of software tools of the stock market:

Ability to support large volumes of dynamically changing information;

Efficiency of its updating on the user's monitor (time of receipt of information by the user).

The second characteristic is especially important, since it is possible to play on the difference in rates, and the one who receives the information earlier is in a winning position. In this regard, the main principle that is observed when creating an information subsystem is the principle of equal conditions: information is received by all brokers simultaneously.

Each company information work transmitted by specialized firms - news agency. The world's largest agency, Reuters, delivers financial information subscribers anywhere in the world. For the Russian market, Reuters offers traditional packages such as Markets 2000 (or Rynki 1000) which include most of the necessary operational data.

So, Information Systems stock market must:

Be reliable and fail-safe;

Provide for the possibility of combining with international and local information systems.

In the last few years, electronic communication networks (ECN) have become widespread, providing operational access for stock market participants to international stock exchanges, in particular to NASDAQ, NYSE, through various direct access trading systems. On the Russian market, systems of this kind should include a system of direct access to the MMVB trading floor through the QUIK electronic system.

At the same time, at the end of 2000, companies owning electronic ports provided access, including ordinary market participants (retail customers), to exchange information, including prices of current transactions (ticks) and their volumes, in a mode that allows not only visual observation, but also automatic processing of the information provided using an individual software in real time (online).

Until now, the monopoly on such services related to the transmission of information in this mode was the prerogative of the international company DBC (Data Broadcasting Corporation), which provides data via satellite communication channels, and in a very truncated form.

The incompleteness of the information supplied to the user was explained, first of all, by the high cost of data transmission through satellite communication systems, which led to the need for their significant and, sometimes, rather arbitrary reduction.

Simultaneously, a number of other companies (such as ETrade, Fidelity, Datek) have provided a much more complete stream of data over the Internet. However, these data were supplied, as a rule, with a time delay that was unacceptable for on-line operation.

When trading on the exchange using ECN, there is a unique opportunity to obtain the prices of all transactions and their volumes for further processing using individual software in real time, i.e. immediately after the transaction electronic system trades. The point is that most trading terminals the specified ECNs (for example, Redi plus, Real Tick, Direct access) act as DDE servers. Thus, it becomes a real transfer (export) of ticks and trade volumes to other applications (Excel, Omega Trade Station, Meta Stock, proprietary programs) for their subsequent automatic processing.

The use of electronic technologies is one of the characteristic features of the development of the modern Russian stock market. They provide high dynamics of transactions, significantly speed up settlements, expand the circle of participants and reduce risks.

Influenced by new information technologies on the present stage Significant changes are also taking place in the management of stock exchanges. In their activities, an increasingly important role, along with certain types of resources - labor and financial - is played by the information resource.

Stock Exchange represents the traditional and permanent active market securities with a specific place and time of sale and purchase of previously issued securities.

The strengthening of the role of the stock exchange in securities trading is facilitated by the trend of concentration and centralization of capital on the stock exchange itself, the increase in the computerization of its operations, as well as the forms and methods of collecting, delivering and processing information, directly state regulation operations of the stock exchange, strengthening of tendencies of internationalization of exchange transactions.

The main centers of exchange trading in the world at present are New York, London, Frankfurt am Main, Zurich, Tokyo.

The existence of exchange trading in securities requires an increase in the number of its participants. Each of them must be provided with prompt and reliable information, conduct a qualified analysis of the situation on the market as a whole and the market for individual securities. Events in the stock market are a barometer of the state national economy, therefore, should be discussed in the media, as is customary throughout the world. Exchange information should be addressed not only to professional market participants, but above all to a wide range of potential investors. Efficiency modern market securities (TSB) largely depends on the degree of its computerization. At present, the intensity of the computerization process at the RZB is determined by the following factors:

1) the subject and product of labor on stock exchange serve not some material material values, but information that lends itself well to transformation into “machine language”;

2) a participant in exchange operations, having the necessary and timely information, gets the opportunity to earn more and, for this reason, seeks to invest in new information technologies on the exchange;

3) to attract a wide range of clients as one of the conditions for modern competition in the exchange business, an appropriate level of information service for each of them is required;

4) it is possible to work effectively on the global stock market only if the level of computerization adequate to other market participants and the ability to access the appropriate telecommunications are available;

5) receipt of timely, reliable and complete information on exchange transactions becomes necessary condition making the right decisions and implementing them.

It is the use of modern computers and communications that leads to a radical restructuring of information technologies in the exchange business, makes it possible to increase the information content of all participants in the securities trade, speed up the calculations and improve the working conditions of people.

The created computer systems of exchange operations must satisfy the following requirements:

Reliability of work and prompt recovery of work in case of failures without loss of processed information;

Security from unauthorized access, destruction and distortion;

Complexity, that is, system integration of technical, software, information support;

Integration of the functions of the trading system and electronic depository with servicing of the entire life cycle of securities;

Flexibility, that is, the ability to adjust to serve various types of financial instruments without large-scale modifications;

Novelty or the possibility of solving new information problems on exchange operations;

Responsiveness to requests from both local and remote users;

Opportunity to participate in the auction of individuals and legal entities in real time (on-line) and in the mode of delayed processing of information on the auction (off-line);

Ensuring the entire flow of transactions, taking into account peak loads in the market;

Compliance with existing international standards.

The formation and development of the Russian exchange business takes place in the conditions of formation mixed economy, its instability, accompanied by inflation, underdevelopment of the legal framework, etc. All this leaves its mark on the development of information technologies in the exchange business.

The activity of the exchange is increasingly affected by the influence of computerization, which significantly reduces costs and increases the productivity of transactions. At the same time, the world has accumulated vast experience in the use of neurotechnology and neuropackages focused on problem solving. financial analysis and planning, and here a large role belongs to advisory firms that specialize in stock exchange operations.

The financier's intuition is quite successfully replaced by computer forecasts.

The users of information technologies of the stock market include public and private organizations that issue securities; investment funds; brokerage and many others.

In the world practice of organizing stock markets, there is the institution of market makers (literally, “market maker”), which ensures the stability of the functioning of trade for its organizers, participants and issuers. The standard types of work and services of a market maker include:

1. Maintaining bilateral quotations within the normatively specified spread (the difference between the maximum selling price and minimum price purchases).

2. Possibility of filing applications not only at your own expense, but also at the expense of your clients.

3. Maintaining the liquidity of shares.

4. Financial advice.

5. Conducting presentations.

6. Regulation of "emissions" of shares on the market and issues.

7. Creation of an artificial shortage of shares through their purposeful buying.

8. Monopolization of the purchase of shares from the issuer's personnel.

9. Search for serious investors who are ready to invest in the issuer's shares.

Federal State Autonomous Educational Institution of Higher Professional Education

National Research University

High School of Economics

Faculty of Business Informatics

discipline program

"Information technology in the analysis of the securities market"

for the master's program "Business Informatics"

direction 080700.68 "Business informatics"

Section "Business Informatics" of the Department of Business Analytics

Chairman department

________________ __________

“___” ________________ 2012 “___” ____________ 2012

Moscow - 2012