Feasibility Study of 'Shared Securities Firms Network Trading Platform'

• Main Authors: Jung-Chih Duan, 段宗志
• Other Authors: Eric T.G. Wang
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/28284121409030658529

碩士 === 國立中央大學 === 資訊管理學系碩士在職專班 === 94 === Taiwan Stock Exchange started offering network order placement in 1997. Passbook settlement was also implemented in the same year. These all intensified the electronic processing nature of the market. Due to the shallow-dish economy of Taiwan, the market depth and breadth are insufficient. As a result, the stock market has become a margin profits industry. Under this backdrop, application of information technology has become the key factor of enterprise success in this industry. How to take advantage of one’s technology edge to cut down operational cost to a great extent and offer one’s own distinctive service has become the major issue in industry competition. Faced by the adoption of the HTS system by the major securities firms to integrate the information processing functions, the medium-to- small securities firms requested the Taiwan Stock Exchange to offer an integrated platform for them to rent so as to cut down on their data processing cost. In this report, we examined in great detail of the operation challenges faced by the local medium-to-small securities firms. We analyzed the impact on them brought by the network order placement. We also described in great detail the major components of the “Shared Securities Firms Network Trading Platform” implemented by the Taiwan Stock Exchange. In the focal point, we analyzed from the perspective of the OIPT(Organizational Information Processing) theory the degree of suitability between the platform and the order placement requirements of the medium-to-small securities firms. After thorough analysis, we come to the following conclusions: （1）For the medium-to-small scale securities firms, their operation difficulties are caused by not only the competitive threat of major securities firms and narrow revenue sources, but also their inefficiency and high level of fixed costs. （2）Currently more than half of the securities firms have offered network order placement, the top ten network securities firms however constitutes 75 percent of the market. （3）The population of network order placement approximates half a million investors, 70 percent of them have monthly trading value less than one million NT dollars and 75 percent of them are between the age of 20 and 50, their order amount shows a difference of higher in the north and lower in the south. （4）The securities firms that offer network order placement service have better performance in profitability, operational efficiency and business growth potential than securities firms that don’t offer this service. On the aspect of asset liquidity and financial soundness however, former securities firms show less strength than the latter. （5）“Shared Securities Firms Network Trading Platform” provides good data processing capability and meets the data-processing requirement of medium-to-small securities firms. It provides these securities firms with the advantages of network order placement, while avoids incurring financial burden of network facilities investment