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市場調查報告書
匯兌技術的進化
Evolution in Exchange Technology: The Arms Race Continues (Strategic Focus)
| 出版商 |
Datamonitor |
| 出版日期 |
2009年10月 |
商品編碼 |
101942 |
| 內容資訊 |
英文 32 pages |
| 價格 |
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匯兌技術的進化 是由出版商Datamonitor在2009年10月所出版的。
這份英文市場調查報告書包含32 pages 價格從美金3395起跳。
在歐洲匯率服務市場的競爭愈發激烈的同時，美國市場已經開始整合。
本報告書內容包括：匯兌技術市場的促進因素分析及歐洲出現美國式整合的可能性評估。內容綱要摘記如下：
概要
主要訊息
第1章 市場機會
- 市場競爭愈發激烈
- 針對匯兌技術的投資持續進行中
- 交易所也逐漸成為技術銷售企業
第2章 技術進歩
- 匯兌技術的促進因素為在更短時間內做更多事的需求
- 促進配對引擎發展的因素為等待時間、處理能力、擴充性
- 市場監視系統必須理解配對引擎、多重資產、多處交易所
- 付款時必須進行風險分析及紀錄管理
- 技術銷售企業的機會因交易所的規模而異
- 也有針對規範當局銷售監視技術的機會
第3章 對顧客造成的影響
- 等待時間及處理能力是促進開發配對引擎的因素
- 硬體加速功能未內建在配對引擎中
- 市場監視必須配合更快速的配對引擎及下單量增加的需求
- 付款結果取決於風險管理
第4章 競爭狀況
- 開發/銷售自家技術的企業
- NYSE Euronext
- NASDAQ OMX
- Deutscche Borse Group
- London Stock Exchange
- Financial Technologies(印度）
- Chi-X Global
- 提供匯兌技術的ISV
- Cinnober
- Patsystems
- Smarts Group
- Progress Software
- List Group
- Fidessa
- Quod Financial
第5章 進入市場
附錄
Abstract
Introduction
The market for exchange services has become increasingly competitive in
Europe, while the US has already seen consolidation. This report considers the
drivers for lower latency and guaranteed throughput for access to matching
engines, while at the same time surveying the landscape and assessing the
potential for US-style consolidation in Europe.
Scope of this research
- Exchange technology
- The business side of exchanges; M&A activity, etc..
Research and analysis highlights
The backdrop to the evolution in exchange technology is a proliferation of
trading venues, resulting in a fragmentation of liquidity across them, to
which a growing number of buy- and sell-side firms respond with the adoption
of high-frequency trading (HFT) strategies underpinned by algorithmic servers.
Key reasons to purchase this research
- Gain an insight into how the exchange sector is evolving annd the role
technology is playing in the process.
- See where the opportunities for independent tech vendors are in this
sector.
Table of Contents
OVERVIEW
KEY MESSAGES
- More competition among trading venues is on the way
- Investment in exchange technology continues apace
- Trading venues have become technology vendors too
- Latency and throughput drive matching engine development
- Market surveillance has to keep up with faster matching engines and
greater order volumes
- Clearing relies on risk management; settlement is about managing multiple
accounts
- Opportunities for technology vendors differ from small to large venues
MARKET OPPORTUNITY
- More competition among trading venues is on the way
- Investment in exchange technology continues apace
- Trading venues have become technology vendors too
TECHNOLOGY EVOLUTION
- The driver in exchange technology is to do more in less time
- The drivers for matching engines are latency and throughput/scalability
- Market surveillance systems need to keep up with the matching engines,
multiple assets and venues
- Clearing and settlement require good risk analysis and records management
- Opportunities for technology vendors differ from small to large venues
- There are also opportunities to sell surveillance technology to regulators
CUSTOMER IMPACT
- Latency and throughput drive matching engine development
- Hardware acceleration has not made it into matching engines
- Market surveillance has to keep up with faster matching engines and
greater order volumes
- Clearing relies on risk management; settlement is about managing multiple
accounts
COMPETITIVE LANDSCAPE
- Trading venues which develop and sell their own technology
- NYSE Euronext
- NASDAQ OMX
- Deutsche Borse Group
- London Stock Exchange
- Financial Technologies (India)
- Chi-X Global
- ISVs offering exchange technologies
- Cinnober
- Patsystems
- Smarts Group
- Progress Software
- List Group
- Fidessa
- Quod Financial
- IBM
- IT service companies
GO TO MARKET
- Recommendations
- Determine which type of trading venue you want to target
- Depending on the geography you target, you may need to put in local
support staff
- Smaller vendors may need to partner with a credible SI to win larger
deals
APPENDIX
- Definitions
- Central counterparty (CCP)
- Central securities depository
- Dark pools
- MiFID
- RegNMS
- Code of Conduct for Clearing and Settlement
- Smart order router
- Alternative trading system (ATS)
- Electronic communication network (ECN)
- Multilateral Trading Facility (MTF)
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Latency and throughput rates
FIGURES
- Figure: How data flows in a trading environment
- Figure: Market structure for clearing and settlement in the US and Europe
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