“American Stock
Exchange Seeks Wireless Trades”.
El caso nos
habla de la compañía AMEX, la cual enfrenta el reto de querer implementar
computadoras de mano para hacer transacciones en la bolsa, en un ambiente en el
que por cerca de 120 años se han hecho de forma manual.
Ya se
habían hecho algunos intentos, pero fue en Abril de 1993 cuando Amex introdujo un plan piloto, que fue el
primero de una serie para tratar de reducir el uso del papel en las
transacciones. El mayor beneficio que pudieron observar fue que les daba una
análisis de la posición en tiempo real a los 462 miembros del intercambio.
En el
sistema antiguo, los especialistas reciben las ordenes a señas y garrapatean
sus transacciones en una cedula, en cambio los dispositivos de mano envían la
información instantáneamente, incrementando la velocidad de respuesta a los
movimientos del mercado. Aunque los dispositivos son muy fáciles de usar, la
gente más veterana se niega a utilizarlos.
En el 1996,
Amex estaba en el proceso de implementación del sistema en forma, en verano de
1998 Amex acordó unirse con NASDAQ, haciendo todas las transacciones de manera
automática.
Preguntas Mini Caso 2.
1.- Como consultor de Amex, necesitas identificar los problemas de implementar
computadoras de mano. Cual seria la estrategia para tu tarea?
a) Investigar la compatibilidad de la comunicación entre las
computadoras de mano y el servidor o computadora.
b) Medir la velocidad de procesamiento calcular los beneficios y poder venderlos
a la gente. Tanto en Velocidad de Respuesta como en Dinero por transacción.
c) Hacer pruebas en vivo del uso de la computadora de mano, a la vez
investigar que están haciendo nuestros competidores al respecto y que ventaja
competitiva ganaríamos al implementar un sistema de este tipo.
d) Hacer presentación de resultados al staff y promocionar el uso de la
computadora de mano.
e) Arrancar prueba piloto, si funciona replicar el éxito en algunas
otras tareas en donde se pueda reducir el uso del papel.
2.- El presidente de la compañía Amex esta considerando despedir a gente
como Maxwell. Estaría de acuerdo con esa decisión o no?
No estoy de acuerdo, deberíamos involucrarlo desde el inicio del
proyecto para que con su experiencia nos ayudara a visualizar áreas de mejora,
si no se hizo desde el inicio, entonces involucrarlo para la modificación de la
propuesta inicial, igual su experiencia nos seria de valiosa ayuda.
3.- Encontrar el estatus de la implementación de sistemas
computacionales que esta sucediendo en algunos negocios de intercambio de
acciones y Productos en diversos países.
ASX Australian Stock Exchange:
“ASX
technology
Since
its formation in 1987, ASX has invested considerable capital and time to
ensuring that its markets run efficiently and reliably, and that they are fair
and orderly. The success ASX has had in
developing this market infrastructure has meant that it has become one of the
company's key assets.
Integral
to building this leading infrastructure have been ASX's employees and the
company's focus on technological innovation.
ASX has a strong track record of developing leading-edge technology to
improve efficiency and better service its customers. The development of its primary trading system, SEATS, and
clearing and settlement system, CHESS, as well as the more recently developed
derivatives clearing system, DCS, have all been internationally recognised as
market-leading developments in trading, clearing and settlement technology.
SEATS,
CHESS and a number of other highly efficient electronic trading and clearing
systems underpin all of ASX's markets.
They enable ASX to provide reliable, efficient markets accessible
throughout Australia and potentially, globally. This is the reason why a continuing investment in technology is
so important to ASX's success. A
significant proportion of ASX's largely fixed cost base is assigned to
improving its existing systems or developing new, improved platforms.”
ASX utiliza la tecnología como una ventaja competitiva y ha invertido
cantidades importantes para mantenerse al día, sus diferentes sistemas le
permiten el reconocimiento mundial como desarrolladora de tecnología orientada
a las transacciones.
PHLX PHILADELPHIA STOCK EXCHANGE:
PHILADELPHIA
STOCK EXCHANGE ACTIVATES TWO NEW FEATURES OF PHLX XL — THE NEW ELECTRONIC
OPTIONS TRADING SYSTEM
For
more information, contact Barbara Sorid at 215-496-5200 or by e-mail
"PHLX
XL now has electronic trade match feature and automated book sweep
function"
PHILADELPHIA—Oct.
8, 2003—The Philadelphia Stock Exchange announced today that it successfully
launched a pilot program with Timber Hill LLC using an electronic trade match
feature and automated book sweep function for 240 option symbols.
The
Electronic Trade Match Feature enables the system to automatically match
incoming customer and broker dealer orders with orders resting on the
specialists’ books.
The
Automated Sweep Function automatically sweeps the specialists’ books based on
movement in the market.
"Our
customers are seeing much faster executions now that there is less manual
specialist intervention for order management and execution," said William
H. Morgan, executive vice president and CIO. The PHLX expects to roll out these
new features across the entire options floor over the next month.
Kevin
Fischer, a specialist with Timber Hill LLC said: "PHLX's new auto book
match system is a boon for all order flow providers using an electronic format
for their trades, as turn around times will be eliminated via an instant,
automatic report. Also, firm quote rules will now be automated, even for
off-floor firm orders interacting with resting customer orders."
The
new features are part of PHLX XL, a new electronic options trading system that
will enhance PHLX’s position as the most versatile marketplace, combining the
best attributes of electronic and floor-based trading. When fully implemented,
PHLX XL will enable market makers to electronically deliver streaming quotes
producing tighter, deeper markets. It will enable the PHLX to improve
electronic access for customers, broker dealers and market makers while
leveraging the advantages of a floor-based environment.
Meyer
"Sandy" Frucher, PHLX chairman and CEO said, "The investing
public and the trading community will reap the benefits of deeper markets and
speed of execution as we continue to strengthen Philadelphia’s electronic and
floor-based trading opportunities."
One
of the features of the new system will include electronic access to market
makers on and off the floor. The new trading tool will produce tighter and
deeper markets by providing low-cost electronic access to market makers
delivering quotes electronically.
The
Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks,
nearly 1,000 equity options, 13 sectors index options, and currency options.
For more information about the PHLX and its products, visit www.phlx.com.
PHLX XL, Lanzo en Octubre del 2003 una nueva opción para sus clientes,
el sistema permite empatar las ordenes de un cliente y las del vendedor con las
ordenes contenidas en los libros de los especialistas.
La Otra opción es la de barrido automático, la cual automáticamente
“barre” los libros de los especialistas basado en los movimientos del mercado.
Las nuevas opciones electrónicas del sistema de transacciones de PHLX la
posicionaran como la más versátil del mercado, ya que combina los mejores
atributos de negociación electrónica y del piso.
Interconnected Stock Exchange Of India Ltd.
Technology at ISS
Application
Software: The mission of ISS is to provide a multi-exchange, multi-product
platform, which is reliable, scalable, robust and state-of-the art on a highly
cost-effective basis. The technology architecture at ISS is geared to support
leading advances made in computer and communication systems, such as internet,
WAP, etc. Towards this end, ISS is using ODIN Software packages from one of the
leading solution provider in the market, viz. Financial Technologies (India)
Private Ltd. and Backoffice Package is supplied by Bitsoft
These
software packages have been extensively customised to meet the specific needs
of ISS. The solution has demonstrated performance, scalability and robustness
during the benchmarking exercise, which was conducted by a leading system
integrator in the country. With the present hardware, the software solution has
demonstrated the ability to handle 500 concurrent users over a 5-hour period
with around 6.5 lakh orders being processed successfully. The solution acquired
by ISS can handle linkages to multiple exchanges.
ISS
has gone in for unlimited user licence for the front-end trading software, as
well as the member's back office software. The member's back office package is
being provided at no cost to all the registered intermediaries.
Computer
Hardware: Top-of-the line Compaq Proliant 8500 servers have been deployed for
order routing, risk management, clearing and settlement functions. The three
servers have been set up in a cluster mode, so as to offer high availability.
With the present configuration of 2 processors on each of the three servers,
the system can handle a load of around 6.5 lakh orders on any given day. The
Compaq system can be upgraded to 8 processors per server.
Communication
Network: ISS has its central ODIN server installed at Vashi, Navi Mumbai. For
connecting the registered members from the participating stock Exchange
locations, the communication medium is VSAT. All the Participating stock
Exchanges have equal access to the Central Computer System.
ISS
uses two types of communication channels in the VSAT Network: (i) the Single
Carrier Per Channel (SCPC) / Permanently Assigned Multiple Access (PAMA) link
for interactive traffic, i.e. for order routing and confirmations, because it
is fast and efficient and (ii) the Time Division Multiple Access (TDMA) channel
for downloading the broadcasts, i.e. market data, last traded price, ticker
data, index messages, etc. because it is reliable for high volume data
transfer. These two communication channels will also work as backups for each
other.
In
addition, ISS would also have a mesh network through Integrated Services
Digital Network (ISDN) and analog links as backup mechanism to take care of
satellite and satellite equipment failures. As regards connectivity for Mumbai,
Calcutta, Delhi, ISS has established local network hubs in these cities.
Traders and dealers at these locations are connected through local leased lines
and ISDN connections to the network hubs, which in turn are linked to Vashi,
Navi Mumbai through multiple high speed data circuits. At other locations, the
concerned traders and dealers are linked through leased lines/ISDN lines to the
closest regional hub or directly to the central hub at Vashi. At centres where
traders and dealers cannot be serviced through leased lines, VSATs have been
used. ISE also has an e-mail facility, connecting the ISE personnel at Vashi
with traders, dealers and support personnel located at the different regional
offices of ISE.
Interconnected Stock Exchange Of India Ltd.
Esta compañía tiene una estructura interesante en sus sistemas de
tecnología, es el primero en la India en tener este tipo de estructura lo cual
le da una ventaja competitiva, utiliza métodos de comunicación normales y
modernos. Ha creado lazos de comunicación entre las ciudades más importantes
para que sus clientes se puedan conectar desde líneas locales o conexiones
ISDN. Sus sistemas de cómputo son los más avanzados y su programa para hacer
transacciones es hecho a la medida del cliente.
4.- Como convencerías a negociador, que esta a punto de ser despedido de
utilizar este nuevo dispositivo?
Le tendría que vender la idea de que el uso de este dispositivo llevara
a la compañía
a ser mas competitiva, al ser mas competitiva gana mas clientes al ganar
mas clientes se genera mas necesidad de empleados y por lo tanto el estaría
asegurando su permanecía en la empresa.
Conclusiones
Generales:
Al indagar en la Internet acerca de estos negocios nos damos cuenta de
que cada uno de ellos ha tomado ventaja de los sistemas tecnológicos, la
mayoría tiene paginas de Internet, lo cual no se ha vuelto algo novedoso, si no
que es el mínimo requerido por sus clientes. Sus páginas son muy parecidas en
cuanto al orden, sus sistemas de información, desde el punto de vista del país
puede resultar lo más nuevo o algo totalmente normal.
Algo común es que tienden a automatizar sus procesos de transacciones,
la tendencia es hacer que cada transacción que se hacia en el piso, se
convierta en una transacción electrónica, lo cual mejora la velocidad de los
procesos, trayendo consigo la satisfacción del cliente.