Cameră de tranzacționare
Origin[ edit ] Before the sixties or seventies, the banks ' capital cameră de tranzacționare businesses were mostly split into many departments, sometimes scattered at several sites, as market segments: money market domestic and currenciesforeign exchangelong-term financing, exchange, bond market.
By gathering these teams to a single site, banks want to ease: a more efficient broadcast of market information, for greater reactivity of traders; idea confrontation on market trends and opportunities; desk co-ordination towards customers.
Context[ edit ] Trading rooms first appeared among United States bulge bracket brokers, such as Morgan Stanleyfromwith the creation of NASDAQwhich requires an equity trading desk on their premises, and the growth of the secondary market of federal debt products, which requires a bond trading cameră de tranzacționare. The cameră de tranzacționare of trading rooms in Europebetween andhas been subsequently fostered by two reforms of the financial markets organization, that were carried out roughly simultaneously in the United Kingdom and France.
In the Cameră de tranzacționare Kingdom, the Big Bang on the London Stock Exchangeremoved the distinction between stockbrokers and stockjobbersand prompted US investment bankshitherto deprived of access to cameră de tranzacționare LSE, to set up a trading room in the City of London. In France, the deregulation of capital markets, carried out by Pierre BérégovoyEconomics and Finance Minister, between andled to the creation of money-market instruments, of an interest-rate futures market, MATIFof an equity options market, MONEPthe streamlining of sovereign debt management, with multiple- cameră de tranzacționare bond issues and the creation of a primary dealer status.
Every emerging market segment raised the need for new dedicated trader positions inside the trading room. Businesses[ edit ] A trading room serves two types of business : portfolio managementa business of asset management companies and institutional investors, often referred to as the buy side. Brokers and investment banks set up their trading rooms first and large asset-management firms subsequently followed them. The business type determines peculiarities in the organization and the software environment inside the trading room.
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Organization[ edit ] Trading rooms are made up of "desks", specialised by product or market segment equities, short-term, long-term, options An investment bank's typical room makes a distinction between: traders, whose role is to offer the best possible prices to salesby anticipating market trends. After striking a deal with a sales, the trader arranges a reverse trade either with another trader belonging to another entity of the same institution or to an outside counterparty; market-makersacting like wholesalers.
Trades negotiated by market-makers usually bear standard terms. Sales make cameră de tranzacționare tailored to their corporate customers' needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on the whole range of asset types. Desk Many large institutions have grouped their cash and derivative desks, while others, such as UBS or Deutsche Bankfor example, giving the priority to customer relationship, structure their trading room as per customer segment, around sales desks.
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One room in Paris may have traders paid for by the New York City subsidiaryand whose working hours are consequently shifted. Some institutions, notably those that invested in a rapid development RAD team, choose to blend profiles inside the trading room, where traders, financial engineers and front-office dedicated software developers sit side by side.
The latter therefore report to a head of trading rather than to a head cameră de tranzacționare IT. More recently, a profile of compliance officer has also appeared; he or she makes sure the law, notably that relative to market use, and the code of conduct, are complied with. The middle office and the back office are generally not located in the trading room.
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The organisation cameră de tranzacționare somewhat simpler with asset management cameră de tranzacționare asset managers are responsible for portfolios or funds; "traders" are in contact with "brokers" — that is, with the above-mentioned investment banks' "sales"; however, this profile is absent from asset management firms that chose to outsource their trading desk. UBS North-American HQ: the trading room is under the bowed rooftop The development of trading businesses, during the eighties and nineties, required ever larger trading rooms, specifically adapted to IT- and telephony cameră de tranzacționare.
Some institutions therefore moved their trading room from their downtown premises, from the City cameră de tranzacționare Canary Wharf from inner Paris to La Défenseand from Wall Street towards Times Square or New York City 's residential suburbs in Connecticut ; UBS Warburg, for example, built a trading room in Stamford, Connecticut inthen enlarged it into the world's largest one, with about , sq ft 9, m2 floor space, allowing the installation of some 1, working positions and 5, monitors.
The teleprinter, or Teletype, got financial quotes and printed them out on a ticker tape. US equities were identified by a ticker symbol made of one to three letters, followed by the last price, the lowest and cameră de tranzacționare highest, as well as the volume of the day. Broadcasting neared real time, quotes being rarely delayed by more than 15 minutes, but the broker looking for a given security 's price had to read the tape Teletype As early asthe Trans-Lux company installed the NYSE with a projection system of a transparent ticker tape onto a large screen.
Ina solution called Teleregister,  came to the market; this electro-mechanical board existed in two versions, of the top 50 or top securities listed on the NYSE; but one had to be interested in those equities, and not in other ones During the s, the trader's workstation was remarkable for the overcrowding of telephones. The trader juggled with handsets to discuss with several brokers simultaneously.
The electromechanical, then electronic, calculator cameră de tranzacționare him or her to perform basic computations. In the s, if the emergence of the PABX gave way to some simplification of the telephony equipment, the development of alternative display solutions, however, lead to a multiplication of the number of video monitors on their desks, pieces of hardware that were specific and proprietary to their respective financial data provider.
The main actors of the financial data market were; TelerateReuters Bloomberg with its Bloomberg TerminalKnight Ridder notably with its Viewtron offering, Quotron and Bridgemore or less specialised on the money market, foreign exchange, securities market opțiune ifk, respectively, for the first three of them. The advent of spreadsheets[ edit ] From the early s, trading rooms multiplied and took advantage of the spread cameră de tranzacționare micro-computing.
For PC, there was Lotus it was quickly superseded by Excelfor workstations and terminals. Along video monitors, left space had to be found on desks to install a computer screen.
Though software alternatives multiplied during this decade, the trading room was suffering from a lack of interoperability and integration. The digital revolution[ edit ] Video display applications were not only wrapped up in cumbersome boxes, their retrieval-based display mode was no longer adapted to markets that had been gaining much liquidity and henceforth required decisions in a couple of seconds.
Traders expected market data to reach them in real time, with no intervention required from them with the keyboard or the mouse, and seamlessly feed their decision support and position handling tools. The digital revolution, which started in the late s, was the catalyst that helped meet these expectations.
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It found expression, inside the dealing room, in the installation of a digital data display system, a kind of local network. Incoming flows converged from different data providers,  and these syndicated data were distributed onto traders' desktops.
One calls a feed-handler the server that acquires data from the integrator and transmits them to the local distribution system. This infrastructure is a prerequisite to the further installation, on each desktop, of the software that acquires, displays and graphically analyses these data.
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This type of software usually enables the trader to assemble the relevant information into composite pages, comprising a news panel, in text format, sliding in real time from bottom to top, a quotes panel, for instance spot rates against the US dollarevery quote update or « tick » showing up in reverse video during one or two cameră de tranzacționare, a graphical analysis panel, with moving averagesMACDcandlesticks or other technical cameră de tranzacționare, another panel that displays competitive quotes from different brokers, etc Two software package families were belonging to this new generation of tools, one dedicated to Windows-NT platforms, the other to Unix and VMS platforms.
However, Bloomberg and other, mostly domestic, providers, shunned this movement, preferring to stick to a service bureau model, where every desktop-based monitor just displays data that are stored and processed on the vendor's premises.
The approach of these providers was to enrich their database and functionalities enough so that the issue of opening up their datafeed to any spreadsheet or third-party system gets pointless. This decade also witnessed the irruption of television inside trading rooms. Press conferences held by central bank presidents are henceforth eagerly awaited events, where tone and gestures are decrypted. The trader has one eye on a TV set, the other on a computer screen, to watch how markets react to declarations, while having, very often, one customer over the phone.
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Internet and bandwidth[ edit ] The development of the internet triggered the fall of the cost of information, including financial information. It hit a serious blow to integrators who, like Reuters, had invested a lot the years before to deliver data en masse and in real time to the markets, but henceforth recorded a wave of terminations of their data subscriptions as well as flagging sales of their data distribution and display software licences.
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Moreover, the cable operators' investors lead to a huge growth of information capacity transport worldwide. Institutions with several trading rooms in the world took advantage of this bandwidth to link their foreign sites to their headquarters in a hub and spoke model.
The emergence of technologies like Citrix supported this evolution, since they enable remote users to connect to a virtual desktop from where they then access cameră de tranzacționare applications with a level of comfort similar to that of a local user.
While an investment bank previously had to roll out a software in every trading room, it can now limit such an investment to a single site. The implementation cost of an overseas site gets reduced, mostly, to the telecoms budget. And since the IT architecture gets simplified and centralised, it can also be outsourced. Indeed, from the last few years, the main technology providers[ who?
Software equipment[ edit ] From the late s, worksheets have been rapidly proliferating on traders' desktops while the head of the trading room still had to rely on consolidated positions that lacked both real time and accuracy.