Tading

208

Informatica Economică vol. 14, no. 1/2010

Upon a Message-Oriented Trading API
Claudiu VINŢE Opteamsys Solutions, Bucharest, Romania [e-mail] In this paper, we introduce the premises for a trading system application-programming interface (API) based on a message-oriented middleware (MOM), and present the results of our research regarding the design and the implementation of a simulation-trading system employing a service-oriented architecture (SOA) and messaging. Our research has been conducted with the aim of creating a simulation-trading platform, within the academic environment, that will provide both the foundation for future experiments with trading systems architectures, components, APIs, and the framework for research on trading strategies, trading algorithm design, and equity markets analysis tools. Mathematics Subject Classification: 68M14 (distributed systems). Keywords: Trading System API, Straight-Through Processing, Distributed Computing, Service-Oriented Architecture (SOA), Message-Oriented Middleware (MOM), Java Message Service (JMS), OpenMQ
A brief introduction to trading APIs The information technology (IT) has made exchanges far more efficient in handling heavy volume in a timely fashion and at reasonable cost. Furthermore, IT enables geographically dispersed marketplaces to be more effectively consolidated [1] [2]. The strategic advantage of an electronic platform can be summarized in form of the following beneficial effects:  support for an efficient vertical integration (from trading to settlement);  supply the premises for a national and regional strategy (horizontal integration);  offers the fundaments for a decentralized market access for participants;  continuous or extended trading hours;  better overall services for members (availability, functionality, support);  means for an effective centralized market surveillance from the national regulatory bodies. In nowadays trading environment, a market center