A case study in developing Web services for capital markets

The area of finance has always evolved along side with the development of new technology. For instance, utilizing new technologies in capital markets trading automation is one of the major factors for the market efficiency and competitiveness as time has a huge impact on the costs incurred by financial institutions. Considering capital markets as our case study, we investigate the usability of these technologies in implementing business processes that span across a number of legacy applications. We describe Web services as emerging technologies that facilitate the composition and execution of distributed business processes. We also present an overview of a service-oriented architecture for capital market systems (CMSs). This architecture is meant to integrate existing legacy applications and facilitate the automation of trading-related business processes.