Core Securities Trading System Based On The Step Protocol Build

As China is now advancing the reforms of non-tradable shares in an all-round way, the China stock market has grown at an unprecedented rate in recent year. Nowadays, the China stock market is one of most potential and popular emerging capital market in the world. To support the high speed of development of China stock market and to accelerate the progress of internationalization of China capital market, China Securities Regulatory Commission issued ((Securities Trading Exchange Protocol)) (STEP) officially in 2005. STEP defines the data exchange protocol between systems of exchange and all market participants. In addition, Shanghai Stock Exchange is going to use a new trading system that will use STEP. With high flexibility and scalability, the new trading system of Shanghai Stock Exchange is able to meet the high speed of development China stock market. Therefore, all securities companies need to build a new securities trading system in urgent. The new system will not only be able to deal with new trading system in Shanghai Stock Exchange and the emerging of all kinds of new finance derivative products, but also be able to improve their core competitiveness of enterprises by issuing new product, service quickly and improving the quality of client service.This paper is to build a securities core trading system based on STEP for purpose. It describes system requirements on all sides and describes the system and software architecture in detail, as well as the implementation of system framework and core modules. The paper has an in-depth study in the following two aspects:Firstly, the paper analyses the current development status and trend of securities trading system in China, describes new features of the new trading system of Shanghai Stock Exchange and the content of STEP, as well as the concepts technologies applied in the new securities core trading system. It also has a comprehensive analysis on requirements of securities trading system.Secondly, on the side of system architecture design and implementation, it combines the advanced design concepts and experience of trading system in domestic and overseas to investigate and build a new framework that is driven by STEP message. The framework is developed by JAVA and based on Spring technology. By the combination of JMS, JMX and using flexible loading balance strategy and data cache, the new securities core trading system based on the framework is able to support the high speed of development of China stock market effectively.Finally, the paper gives a summary and outlook for the system.