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<DIV>Just to share some thought...</DIV>
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<DIV>I think there is no book that can teach one to build a functional stock exchange because of the nature of the problem. It is like those university courses that teaching search technology. When the professors of those courses left the ivory tower and joined Google, they soon realised that everything they taught have been considered/implemented by Google, and Google has a lot more cool thing going on... Reason: Google is the search engine that's being *actively* used, and googlers have to deal with real user requirements/system constraints. These are tactile knowlegde.</DIV>
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<DIV>I am more familiar with Hong Kong Stock exchange. Here is an overview of their system (AMS/3): <A href="http://www.hkex.com.hk/infra/ams3/AMS3_OV.pdf">http://www.hkex.com.hk/infra/ams3/AMS3_OV.pdf</A> </DIV>
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<DIV>It is a pretty simple and easy to read document, and basically cover the basic stuff people wants from an exchange. (more info here <A href="http://www.hkex.com.hk/infra/ams3/ams3.htm">http://www.hkex.com.hk/infra/ams3/ams3.htm</A>)</DIV>
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<DIV>A few points I can highlight are:</DIV>
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<DIV>* OG (open gateway): It is a must-have feature because it allows program trading.</DIV>
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<DIV>* Modeling/Design issue: HKSE offers different order type ( such as Limit Order, At action order...) and producs (Equity, ETF, Options, Futures...) etc. It may well be an interesting design exercise. Normally in OO language we can use inheritance to implements these various order/product types. What is the best way to do it in functional language like erlang?</DIV>
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<DIV>* Order Automatching/Auction (Performance issue): some exchanges had been overwhelmed by spike of trade volumes in the past ('Black Friday' for example). It will be very interesting to see how it can be addressed by erlang+EC2 </DIV>
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<DIV>Another interesting info is the "Technical Infrastructure" section:</DIV>
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<DIV>* "AMS/3 is built on Tandem NonStop systems/NotStop kernel.". </DIV>
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<DIV>Erlang can beat Tandem, right? :-)</DIV>
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<DIV>But I think people here may want to model NYSE. After all more people are familiar with NYSE's operations, and the final implementation will be more attractive to general public out there. On the other hand, NYSE is more complex and we have to cover a lot more in term of requirements. (e.g. OTC products)</DIV>
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<DIV>So, I am all for such undertaking. I guess a question back to Joel: how do you manage the scope? It is really no easy task. Once you have a relatively stable scope, the programming part will be 'easy'.</DIV>
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<DIV>Cheers, Anthony</DIV>
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<DIV><BR><BR>>>> "Christian S" <chsu79@gmail.com> 12/11/2007 7:43 am >>><BR>Anyone know a book on technical requirements that brokers put on stock<BR>exchanges? Order matching procedures, what information do tax offices<BR>want, typical features as in stop-loss rules...<BR><BR>Oh, and yes. A stock exchange is cooler than poker.<BR>_______________________________________________<BR>erlang-questions mailing list<BR>erlang-questions@erlang.org<BR><A href="http://www.erlang.org/mailman/listinfo/erlang">http://www.erlang.org/mailman/listinfo/erlang</A>-questions<BR></DIV>
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