Origin[ edit ] Before the sixties or seventies, the banks ' capital market businesses were mostly split into many departments, sometimes scattered at several sites, as market segments: money market domestic and currenciesforeign exchangelong-term financing, exchange, bond market.
By gathering these teams to a single site, banks want to ease: a more efficient broadcast of market information, for greater reactivity of traders; idea confrontation on market trends and opportunities; desk co-ordination towards customers.
Context[ edit ] Trading rooms first appeared among United States bulge bracket brokers, such as Morgan Stanleyfromwith the creation of NASDAQwhich requires an equity trading desk on their premises, and the growth of the software de gestionare a tranzacționării de prop market of federal debt products, which requires a bond trading desk.
The spread of trading rooms in Europebetween andhas been subsequently fostered by two reforms of the financial markets organization, that were carried out roughly simultaneously in the United Kingdom and France.
In the United Kingdom, the Big Bang on the London Stock Exchangeremoved the distinction between stockbrokers and stockjobbersand prompted US investment bankshitherto deprived of access to the LSE, to set up a trading room in the City of London. In France, the deregulation of capital markets, carried out by Pierre BérégovoyEconomics and Finance Minister, between andled to the creation of money-market instruments, of an interest-rate futures market, MATIFof an equity options market, MONEPthe streamlining of sovereign debt management, with multiple- auction bond issues and the creation of a primary dealer status.
Every emerging market segment raised the need for new dedicated trader positions inside the trading room. Businesses[ edit ] A trading room serves two types of business : portfolio managementa business of asset management companies and institutional investors, often referred to as the buy side.
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Brokers and investment banks set up their trading rooms first and large asset-management firms subsequently followed them. The business type determines peculiarities in the organization and the software environment inside the trading room. Organization[ edit ] Trading rooms are made up of "desks", specialised by product or market segment equities, short-term, long-term, options An investment bank's typical room makes a distinction between: traders, whose role is to offer the best possible prices to salesby anticipating market trends.
After striking a deal with a sales, the trader arranges a reverse trade either with another trader belonging to another entity of the same institution or to an outside counterparty; market-makersacting like wholesalers.
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Trades negotiated by market-makers usually bear standard terms. Sales make deals tailored to their corporate customers' needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on the whole range of asset types. Desk Many large institutions have grouped their cash and derivative desks, while others, such as UBS or Deutsche Bankfor example, giving the priority to customer relationship, structure their trading room as per customer segment, around sales desks.
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One room in Paris may have traders paid for by the New York City subsidiaryand whose working hours are consequently shifted.
Some institutions, notably those that invested in a rapid development RAD team, choose to blend profiles inside the trading room, where traders, financial engineers and front-office dedicated software developers sit side by side. The latter therefore report to a head of trading rather than to a head of IT. More recently, a profile of compliance officer has also appeared; he or she makes sure the law, notably that relative to market use, and the code of conduct, are complied with.
The middle office and the back office are generally not located in the trading room.
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The organisation is somewhat simpler with asset management firms: asset managers are responsible for portfolios or funds; "traders" are in contact with "brokers" — that is, with the above-mentioned investment banks' "sales"; however, this profile is absent from asset management firms that chose to outsource their trading desk. UBS North-American HQ: the trading room is under software de gestionare a tranzacționării de prop bowed rooftop The development of trading businesses, during the eighties and nineties, required ever larger trading rooms, specifically adapted to IT- and telephony cabling.
Some institutions therefore moved their trading room from their downtown premises, from the City to Canary Wharf from inner Paris to La Défenseand from Wall Street towards Times Square or New York City 's residential suburbs in Connecticut ; UBS Warburg, for example, built a trading room in Stamford, Connecticut inthen enlarged it into the world's largest one, with about , sq ft 9, m2 floor space, allowing the installation of some 1, working positions and 5, monitors.
The teleprinter, or Teletype, got financial quotes and printed them out on a ticker tape. US equities were identified by a ticker symbol made of one to three letters, followed by the last price, the lowest and the highest, as well as the volume of the day. Broadcasting neared real time, quotes being rarely delayed by more than 15 minutes, but the broker looking for a given security 's price had to read the tape Teletype As early asthe Trans-Lux company installed the NYSE with a projection system of a transparent ticker tape onto a large screen.
Ina solution called Teleregister,  came to the market; this electro-mechanical board existed in two versions, of the top 50 or top securities listed on the NYSE; but one had to be interested in those equities, and not in other ones During the s, the trader's workstation was remarkable for the overcrowding of telephones.
The trader juggled with handsets to discuss with several brokers simultaneously. The electromechanical, then electronic, calculator enabled him or her to perform basic computations.
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In the s, if the emergence of the PABX gave way to some simplification of the telephony equipment, the development of alternative display solutions, however, lead to a multiplication of the number of video monitors on their desks, pieces of hardware that were specific and proprietary to their respective financial data provider. The main actors of the financial data market were; TelerateReuters Bloomberg with its Bloomberg TerminalKnight Ridder notably with its Viewtron offering, Quotron and Bridgemore or less specialised on the money market, foreign exchange, securities market segments, recenzii platforme de investiții, for the first three of them.
The advent of spreadsheets[ edit ] From the early s, trading rooms multiplied and took advantage of the spread of micro-computing. For PC, there was Lotus it was quickly superseded by Excelfor workstations and terminals.
Along video monitors, left space had to be found on desks to install a computer screen.
Though software alternatives multiplied during this decade, the trading room was suffering from a lack of interoperability and integration. The digital revolution[ edit ] Video display applications were not only wrapped up in cumbersome boxes, their retrieval-based display mode was no longer adapted to markets that had been gaining much liquidity and henceforth required decisions in a couple of seconds.
Traders expected market data to reach them in real time, with no intervention required from them with the keyboard or the mouse, and seamlessly feed their decision support and position handling tools. The digital revolution, which started in the late s, was the catalyst that helped meet these expectations.
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It found expression, inside the dealing room, in the installation of a digital software de gestionare a tranzacționării de prop display system, a kind of local network.
Incoming flows converged from different data software de gestionare a tranzacționării de prop,  and these syndicated data were distributed onto traders' desktops.
One calls a feed-handler the server that acquires data from the integrator and transmits them to the local distribution system. This infrastructure is a prerequisite to the further installation, on each desktop, of the software that acquires, displays and graphically analyses these data. This type of software usually enables the trader to assemble the relevant information into composite pages, comprising a news panel, in text format, sliding in real time from bottom to top, a quotes panel, for instance spot rates against the US dollarevery quote update or « tick » showing up in reverse video during one or two seconds, a graphical analysis panel, with moving averagesMACDcandlesticks or other technical indicators, another panel that displays competitive quotes from different brokers, etc Two software package families were belonging to this new generation of tools, one dedicated to Windows-NT platforms, the other to Unix and VMS platforms.
However, Bloomberg and other, mostly domestic, providers, shunned this movement, preferring to stick to a service bureau model, where every desktop-based monitor just displays data that are stored and processed on the vendor's premises.
The approach of these providers was to enrich their database and functionalities enough so that the issue of opening up their datafeed to any spreadsheet or third-party system gets pointless. This decade also witnessed the irruption of television inside trading rooms. Press conferences held by central bank presidents are henceforth eagerly awaited events, where tone and gestures are câștigurile bitcoin pe lună. The trader has one eye on a TV set, the other on a computer screen, to watch how markets react to declarations, while having, very often, one customer over the phone.
Internet and bandwidth[ edit ] The development of the internet triggered the fall of the cost of information, including financial information. It hit a serious blow to integrators who, like Reuters, had invested a lot the years before to deliver data en masse and in real time to the markets, but henceforth recorded a wave of terminations of their data subscriptions as well as flagging sales of their data distribution and display software licences.
Moreover, the cable operators' investors lead to a huge growth of information capacity transport worldwide. Institutions with several trading rooms in the world took advantage of this bandwidth to link their foreign sites to their headquarters in a hub and spoke model. The emergence of technologies like Citrix supported this evolution, since they enable remote users to connect to a virtual desktop from where they then access software de gestionare a tranzacționării de prop applications with a level of comfort similar to that of a local user.
While an investment bank previously had to roll out a software in every trading room, it can now limit such an investment to a single site.
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The implementation cost of an overseas site gets reduced, mostly, to the telecoms budget. And since the IT architecture gets simplified and centralised, it can also be outsourced. Indeed, from the last few years, the main technology providers[ who? Software equipment[ edit ] From the late s, worksheets have been rapidly proliferating on traders' desktops while the head of the trading room still had to rely on consolidated positions câștiguri urgente în rețea lacked both real time and accuracy.
The diversity of valuation algorithms, the fragility of worksheets incurring the risk software de gestionare a tranzacționării de prop loss of critical data, the mediocre response times delivered by PCs when running heavy calculations, the lack of visibility of the traders' goings-on, have all raised the need for shared information technology, or enterprise applications as the industry later called it.
But institutions have other requirements that depend on their business, whether it is trading or investment.
Within the investment bank, the trading division is keen to implement synergies between desks, such as: hedging the currency risk born from foreign exchange swaps or forward positions; funding by the money market desk of positions left open at end of day; hedging bond positions by interest-rate futures or options contracts.
Such processes require mutualisation of data. Born during software de gestionare a tranzacționării de prop same period, they share software de gestionare a tranzacționării de prop technical features, such as a three-tier architecturewhose back-end runs on a Unix platform, a relational database on either Sybase or Oracleand a graphical user interface stagiu de tranzactionare in English, since their clients are anywhere in the world.
Should the two parties fail to clearly understand each other on the trade terms, it may be too late to amend the transaction once the received confirmation reveals an anomaly. The first markets to discover electronic trading are the foreign-exchange markets. Reuters creates its Reuter Monitor Dealing Service in Contreparties meet each other by the means of the screen and agree on a transaction in videotex mode, where data are loosely structured. Its next generation product, an electronic trading platform called Dealingported on Windows, is launched in Like EBSwhich competes with it head-on fromit mostly handles spot trades.
Several products pop up in the world of electronic trading including Bloomberg TerminalBrokerTecTradeWeb and Reuters Xtra for securities and foreign exchange.
More recently other specialised products have come to the market, such as Swapswireto deal interest-rate swaps, or SecFinex and EquiLend, to place securities loans or borrowings the borrower pays the subscription fee to the service.
However, these systems also generally lack liquidity. Contrarily to an oft-repeated prediction, electronic trading did not kill traditional inter-dealer brokerage.
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Besides, traders prefer to mix both modes: screen for price discoveryand voice to arrange large transactions. Orders are subsequently executed, partially of fully, then allocated to the respective customer accounts.
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The increasing number of listed products and trading venues have made it necessary to manage this order book with an adequate software. Stock exchanges and futures markets propose their own front-end system to capture and transmit orders, or possibly a programming interface, to allow member institutions to connect their order management system they developed in-house.
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But software publishers soon sell packages that take in charge the different communication protocols to these markets; The UK-based Fidessa has a strong presence among LSE members; Sungard Global Trading and the Swedish Orc Software are its biggest competitors.
Program trading[ edit ] In program tradingorders are generated by a software program instead of being placed by a trader taking a decision. More recently, it is rather called algorithmic trading. Software de gestionare a tranzacționării de prop applies only to organised markets, where software de gestionare a tranzacționării de prop do not depend on a negotiation with a given counterparty.
A typical usage of program trading is to generate buy or sell orders on a given stock as soon as its price reaches a given threshold, upwards or downwards.
A wave of stop sell orders has been largely incriminated, during the financial crises, as the main cause of acceleration of the fall in prices. However, program trading has not stopped developing, since then, particularly with the boom of ETFsmutual funds mimicking a stock-exchange index, and with the growth of structured asset management; an ETF replicating the FTSE index, for instance, sends multiples of buy orders, or of as many sell orders, every day, depending on whether the fund records a net incoming or outgoing subscription flow.
Such a combination of orders is also called a basket. Moreover, whenever the weight of any constituent stock in the index changes, for example following an equity capital increase, by the issuer, new basket orders should be generated so that the new portfolio distribution still reflects that of the index.
If a program can generate more rapidly than a single trader a huge quantity of orders, it also requires monitoring by a financial engineerwho adapts its program both to the evolution of the market and, now, to requirements of the banking regulator checking that it entails no market manipulation.
Some trading rooms may now have as many financial engineers as traders. The spread of program trading variants, many of which apply similar techniques, leads their designers to seek a competitive advantage by investing in hardware that adds computing capacity or by adapting their software code to multi-threadingso as to ensure their orders reach the central order book before their competitors'.
The success of an algorithm therefore measures up to a couple of milliseconds. This type of program trading, also called high-frequency tradingconflicts however with the fairness principle between investors, and some regulators consider forbidding it. However, software de gestionare a tranzacționării de prop manager does not need to revalue his in real time: as opposed to the trader whose time horizon is the day, the portfolio manager has a medium to long-term perspective.
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Still, the manager needs to check that whatever he sells is available on his custodial account; he also needs a benchmarking functionality, whereby he may track his portfolio performance with that of his benchmark ; should it diverge by too much, he would need a mechanism to rebalance it by generating automatically a number of buys and sells so that the portfolio distribution gets back to the benchmark's. Relations with the back-office[ edit ] In most countries, the banking regulation requires a principle of independence between front-office and back-office: a deal made by the trading room must be validated by the back-office to be subsequently confirmed to the counterparty, to be settled, software de gestionare a tranzacționării de prop accounted for.
Both services must report to divisions confirmă bitcoin are independent from each at the highest possible level in the hierarchy.
In Continental Europe, institutions have been stressing, since the early s, on Straight Through Processing STPthat is, automation of trade transmission to the back-office. Their aim is to raise productivity of back-office staff, by replacing trade re-capture by a validation process.
Publishers of risk-management or asset-management software meet this expectation either by adding back-office functionalities within their system, hitherto dedicated to the front-office, or by developing their connectivity, to ease integration of trades into a proper back-office-oriented package.
Anglo-Saxon institutions, with fewer constraints in hiring additional staff in back-offices, have a less pressing need to automate and develop such interfaces only a few years later.
On securities markets, institutional reforms, aiming at reducing the settlement lag from a typical 3 business days, to one day or even zero day, can be a strong driver to automate data processes. As long as front-office and back-offices run separately, traders most reluctant to capture their deals by themselves in the front-office system, which they naturally find more cumbersome than a spreadsheet, are tempted to discard themselves towards an assistant or a middle-office clerk.
An STP policy is then an indirect means to compel traders to capture on their own. Moreover, IT-based trade-capture, in the shortest time from actual negotiation, is growingly seen, over the years, as a "best practice" or even a rule.
Depositors queuing to close their account with Northern Rock Banking regulation tends to deprive traders from the power to revalue their positions with prices of their choosing.
However, the back-office staff is not necessarily best prepared to criticize the prices proposed by traders for complex or hardly liquid instruments and that no independent source, such as Bloomberg, publicize.
Anatomy of the biggest failures[ edit ] Whether as an actor or as a simple witness, the trading room is the place that experiences any failure serious enough to put the company's existence at stake. In the case of Northern RockBear Stearns or Lehman Brothersall three wiped out by the subprime crisisinif the trading room finally could not find counterparts on the money market to refinance itself, and therefore had to face a liquidity crisiseach of those defaults is due to the company's business modelnot to a dysfunction of its trading room.
On the contrary, in the examples shown below, if the failure has always been precipitated by market adverse conditions, it also has an operational cause : Operational causes of the biggest failures  Month Year.