|YORK.N0000 As of 19 Jun 2013|
Market ActivityAs of 19 Jun 2013
Market | -
The CSE operates 2 main systems
The CSE commenced the process of automating the Exchange in 1991 with the installation of the Central Depository System (CDS) and an electronic clearing and settlement system for share transactions. This automation process was completed with the commissioning of the Automated Trading Systems (ATS) in 1997. The technology introduced by the Exchange significantly enhanced the competitiveness of the CSE and provided a more efficient and transparent market.
The robust event driven push technology Trading platform is built on a rule-based, distributed, fault tolerant system, enabling it to be highly reliable, scalable, and flexible to meet our business requirements. The system consists of a collective group of programs working cohesively in a distributed environment that delivers the business functionality, which is easily maintainable. The order driven trading platform assures a transparent market and executes trades on price and time priority.
The Local Area Network has built in redundancy with dual network backbones, firewalls and Intruder Detection and Prevention systems for security adds to the robustness of the system. The wide area network also has dual links to broker firms through two independent communication service providers to ensure maximum uptime.
The Trading System commences trading with a pre-open session followed by an auction process for price discovery and proceeds to regular trading. The market is closed with the calculation of average closing price for each security taking into consideration the last one hour's trading from the last trade.
The Exchange provides 2 mechanisms to process orders of investors, namely the ATS Front End (TFE) that has been provided by the Exchange to Broker Firms to input orders and the ATS Interface (ATSI) which interface third party order routing systems to the Trading System. Broker back office systems and broker internet order processing applications are interfaced to the trading system through the ATSI gateway.
The ATS Market Viewer Front End (MVFE) provides the same facility as the TFE without the order entry function. The MVFE is provided to the Broker Firms and other market participants to monitor the market movement. An enhancement to the above is a Front End with automatic scrolling capability. This consists of two separate windows. One window displays all trade executions whilst the other window displays security details. The screens scroll automatically and are updated dynamically. This facility is available at the Exchange and Broker Firms for investors to view trade executions and security statistics.
The Trader Front End(TFE) is a comprehensive tool to enter orders while monitoring the market. The sophisticated front end has five screens with the option of adding more screens where the user has the ability to configure and select the securities that the user intends to monitor. Flexibility of moving the columns to convenient locations are also a key feature that is available on each of the windows.
Orders are entered primarily through the TFE and on execution of each order, trades are reported to the front end.
All orders are visible to the trader through the Blotter window which provides detailed information of executions and also displays partial executions. Orders can be active up to 5 market days and can be cancelled or modified during trading hours.
The order book indicates the current quantities and the prices in the market and displays upto 25 price levels.
The market watch window can be configured by the user to monitor only selected securities depending on the requirement of the user.
The Trading System ensures that the selling client has sufficient balances by validating the order quantity with the Central Depository System (CDS). The user is provided with a window to verify client balances from the order entry screen. This facility is online real time and provides the broker the ability of selling the shares no sooner it is deposited in the Depository.
The ATS interface ensures the validity of the incoming orders from broker systems and uses the Financial Information eXchange (FIX) & Fix Adapted for Streaming (FAST)Protocols to communicate with any third party software and provide market information. The interface facilitates the brokers to interface their internet order processing module and their broker back office systems to the Trading System.
The broker systems and data vendors obtain market updates from the Fix Adapted for Streaming (FAST) multicast data feeds that are available in the system.