An integrated service architecture for managing capital market systems

Univ. of New South Wales, NSW
IEEE Network (Impact Factor: 2.85). 02/2002; DOI: 10.1109/65.980540
Source: IEEE Xplore

ABSTRACT This article studies current developments and trends in the area
of capital market systems. In particular, it defines the trading
lifecycle and the activities associated with it. The article then
investigates opportunities for the integration of legacy systems and
existing communication protocols through distributed integrated services
that correspond to established business processes. These integrated
services link to basic services such as an exchange, a settlement, or a
registry service. Examples of such integrated services include pre-trade
services (e.g., analytics) or post-trade services (e.g., surveillance).
The article then presents the various levels of integration in capital
market systems and discusses the standards in place. It establishes that
most interactions occur at a low level of abstraction such as the
network (e.g., TCP/IP), data format (e.g., FIX, XML), and middleware
levels (e.g., CORBA). Finally, the article discusses a software
development methodology based on the use of design patterns. These
design patterns address the essential aspects of managing integrated
services in a technology-independent fashion. These aspects are service
wrapping, service composition, service contracting, service discovery,
and service execution. The objective of the methodology is to facilitate
the rapid development of new integrated services that correspond to
emerging business opportunities


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Sep 17, 2014