An evaluation of the role of information technology in the creation of a global stock exchange

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An evaluation of the role of information technology in the creation of a global stock exchange


Author: Yu, Mei-wah
Title: An evaluation of the role of information technology in the creation of a global stock exchange
Degree: M.Sc.
Year: 1997
Subject: Stock exchanges
Information resources management
Stock Exchange of Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Computing
Pages: vi, 120, [20] leaves : ill. ; 30 cm
Language: English
InnoPac Record:
Abstract: IT paradigm shift has been going through from the primary data process era to the information era. Round-the-clock trading in foreign exchange and money market is extensively using telecommunication systems to reduce the geographic barriers. (Ma 1996) The communication network is also shorten the distance between global investors and local stock exchanges. The business environment has been moved from a local near monopoly market to a fierce competitive global market. Today, the securities industry has high dependence on information system and technology. The geographic barriers of trading in stock exchanges are substantially reduced and eventually a virtual stock exchange will be born. The objectives of this study are focus on two main questions: 1. What are the global trends of the securities industry in using IS? 2. What are the challenge and development facing by the Stock Exchange of Hong Kong Limited? Porter's competitive forces model is used for providing a macro view of the environment in the industry. A four stage trading system model has been developed by adopting, integrating existing growth model and combining with the present trading system. The model is used to position a stock exchange's trading system stage and to identify the perception usefulness of difference trading systems for the members' business needs. An integrated research method is adopted which combines longitudinal study, case study and survey. The purpose of longitudinal analysis is to understand the relationship between IS and the business performance among the targeted stock exchanges. A case study of the SEHK is conducted to identify the organization structure, background, functions and features of each equity trading systems and it's strategic impacts of the SEHK. Understanding members' perceptions and expectations of IS are curious to develop an appropriate IS strategic and planning. So, survey strives for these answers. The study has revealed some points as follow:- 1. Advanced trading systems do indicate significance improvement of the exchanges' growth; 2. IS is enabling the business transformation o the securities industry; 3. A moving perception of the trading system from automated to network suggests that the SEHK should continue to develop more advance systems to the market; and 4. IS strategies and planning are crucial for defending position. Loosen technology vision is fatal to the growth of an exchange. As a concluding remark, it is important to note that a new kind of exchange is going to be totally electronic. Electronic networks will be linked up all over the world. Eventually, orders will bypass both the dealers and physical exchanges.

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