Research And Prospect Of A New Generation Of Securities Information Transmission Network

Along with the development of continuous progress of computer technology, the technological level of Chinese capital market develops quickly these years. But the development of its supporting communication networks has a certain lag. The existing communication networks are difficult to fit with the strategy of building a world-class capital market. And it is also hard to meet the needs of accessing for multi-market, multi-user, and multi-application in the future. This paper analyzes and studies the current status of the Securities Information Transmission Networks (SITN) and it also give some comments and suggestions on building a new generation SITN on the aspects of interface technology and network architecture.At first, this paper overviews the SITN and its bearing business, analyzes the current SITN's structure and characteristics, especially focuses on describing the application of two network architecture models, "centralized trading" and "Air-ground backup", which were applied in the SITN. Than, through analyzing the networks'historical evolution, and combining with the foregoing analysis, this paper proposes main problems of current SITN. At last, According to the strategic plans of Chinese capital market and Stock Exchange, this paper proposes an idea of constructing a new generation SITN.The vision of New-generation SITN is proposed mainly from the following two aspects.①Reference to the foreign experience on building a standardized communication platform of financial industry, we studied and analyzed the structure and norms of FIX (Financial Information eXchange).②We did an analyzing on the necessity of achieving full-serviced financial securities industry solutions through Cloud computing technology. At last, we present the implementation recommends of these two specific methods, and look forward to building the New-generation ISTN.