Nyse turns to IBM for new trading system
14 December 2004 | 6294 views | 0
The New York Stock Exchange is working with IBM to introduce a new trade order management system designed to connect floor brokers and clerks with brokerage back offices, as the Big Board begins its conversion to a hybrid marketplace.
Nyse is touting the new TradeWorks order management and messaging system as the first deliverable in a cultural shift that will enable the 212-year old stock exchange to compete with fast electronic communications networks.
The TradeWorks platform will be based on IBM DB2 mainframes on the back end, WebSphere middleware running on HP machines, Linux workstations for the clerks on the trading floors, and wireless handhelds running a version of the Windows operating system for floor brokers.
The Exchange has ordered 3000 of the purpose-built wireless devices that will enable floor brokers to buy and sell stocks, track orders and manage paperwork.
Some Nyse specialists already use wireless Compaq or HP iPaq devices to transfer trading information between the floor and the back office, but small screens and poor integration have limited uptake.
The multi-year contract with IBM marks the first time the Nyse has turned to a third party vendor for a critical information systems project.