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Electronic Exchanges by Nidhi Singh, Michael Gorham

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4. Floors to Screens: Nuts and Bolts
Executive Summary
This chapter explores the architecture of electronic trading. We discuss the components of the trade cycle for electronic trading and the history of its development, with examples of some key new players in the industry. It's not just time/price any more; we explore the various alternative matching algorithms in use today. We then dig deeply into the technical structure of electronic exchanges, from client applications to exchanges to clearing services.
Traders can now trade markets from anywhere in the world as long as they have a computer and network connection. The movement toward electronic trading has forced the rest of the industry to transform itself. The entire financial markets have ...

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