A Study On Electronic Security Online Exchange

With the development of internet technology, the exchange method of the electronics stock is facing a new huge change. Originally, security company resorted to exclusive satellite net to connect the investors, who filled in the orders and quotations in the sales department or used the funds card directly on trade machine. Now it turns to using the telephone and internet to deal with the exchange. The simultaneity accuracy and high risk of electronic stock exchange decide that it must make use of the new and mature computer network technique, and must use the computer equipment which has outstanding quality, dependable stability, superb function and easy expansion.Therefore,we define the electronic security online exchange as the real-time exchange process of using the network resource to obtain quotation of security market and analyze market condition, placing an order in virtue of internet. The electronic security online exchange not only change the method of exchange and improve the movement efficiency of security market, but also effect the great influence to securities brokers. It will weaken the agency relationship among the traditional investors, securities brokers and stock exchanges. It will change the working pattern of the traditional securities dealers and promote to concentration of the securities dealers' scale. It will embody the main difference . between the securities brokers on tech support and investment service. It will rid off the spacion-temporal restriction of traditional exchange manner, basically change the securities brokers' management mode which concentrates on stock exchange and expand the customers' resources unboundedly. It will make the service system and function of traditional securities brokers confronted with great transformation. It will change the imbalanced condition of providing the important information to organizational investors while providing the simple stock paper to individual investors. It will put the tradional supervisory system and function into a new position. It is an important measure to realize the all-in-one security exchange in the world.This thesis discusses the concept, characteristic and mode of the electronicsecurity online exchange. Also, it studies on the security, risk and information dissymmetry of the online electronic security exchange. And finally ,it puts forward the suggestions of developing the electronic security online exchange in china.