Author_Institution :
Nasdaq Stock Market Inc., Washington, DC, USA
Abstract :
Over the years, electronics technology has revolutionized virtually every securities market, most notably The NasdaqTM (National Association of Securities Dealers´ Automated Quotations) Stock Market Inc. Nasdaq was the world´s first market to handle trading not on an exchange floor but through a computer network linking display screens. However, since its advent in 1971, changes in telecommunications and computer technologies have been ongoing, profound and complex. As a screen-based market, Nasdaq has striven to stay on top of those developments. It is in the process of completing a US $180 million systems migration program-the largest single telecommunications and computer project undertaken by a US stock market. The effort has involved replacing the entire Nasdaq system with a standards-based client-server network, while moving from analog to digital network technology and upgrading the core systems to process 500 transactions a second-a rate that enables the market to handle at least a billion shares a day. With these systems, Nasdaq has the flexibility to constantly improve operational efficiency and regulatory oversight
Keywords :
client-server systems; computer displays; electronic trading; financial data processing; securities trading; transaction processing; National Association of Securities Dealers´ Automated Quotations; The Nasdaq Stock Market Inc.; US stock market; computer network; digital network technology; display screens; operational efficiency; regulatory oversight; screen-based market; securities market; share handling; standards-based client-server network; systems migration; systems upgrading; transaction processing; Cities and towns; Computer displays; Consumer electronics; History; Joining processes; National security; Network servers; Stock markets; Technological innovation; Telecommunication computing;
