Rebirth capital madman - Chapter 1155

After Gao Xian completed the appointment procedures for the two important positions of the chairman of the board of directors of the Hong Kong Stock Exchange and the chief executive officer of the Hong Kong Stock Exchange, he took the lead in starting immediately because of the technical and relatively simple innovation projects in the securities industry.

In Xiangjiang, where the situation is too complicated to describe, many positive things have been hampered by various factors. For example, the introduction of the electronic matching system in the most core stock trading link in the Hong Kong Stock Exchange should have taken advantage of the merger of the four conferences a few years ago. . Almost all the new moments when the headquarters of the Heungkong Stock Exchange moved into the Heungkong International Trading Center Building were implemented smoothly.

At this stage, the application of computer information processing in the Hong Kong stock market has become very common, especially Gao Xian, who is well aware of this advantage, has vigorously advocated and promoted since he first entered the Hong Kong securities industry more than ten years ago, making Gao Yi a successful The application model of the company, and the resulting intelligence capabilities, are not inferior in the circle of international counterparts.

However, as far as the Hong Kong stock market is concerned, this computer information processing application is only at the “auxiliary” level, because when investors want to buy and sell stocks listed on the Hong Kong Stock Exchange, they still have to call Hong Kong International Trading. The telephones in the trading hall on the second floor of the central building are manually operated by marketers to match buyers and sellers. Compared with the “old script” in the Internet age, people’s understanding of the scale of stock market transactions can be imagined. Of course, After the marketers match the orders, the trading results will be entered into the computer information processing system.

Hu Hanhui, Li Fuzhao and other veterans of the Hong Kong securities industry who held the control of the Hong Kong Stock Exchange at that time, the reason why the electronic matching system was not introduced should not be judged lightly as stupid. In the final analysis, it is still bound by various factors, and even Gao Xian admits that it is safe to be conservative.

Superficial concerns, including the fact that the electronic disk matching system is a new thing, inevitably there are foreseeable and unforeseen risks. If something goes wrong, someone must be held accountable; new things will inevitably bring new rules, which means to those with vested interests. There are challenges, such as the most obvious cause and effect relationship, the marketer in the trading floor will be unemployed… and so on, there are games hidden in the dark and inconvenient to put on the table.

This situation was maintained until last year’s Black Monday global stock market crash, and it was finally broken. The Hong Kong stock market collapsed, accumulating a large number of orders that could not be processed in time, and the suspension from the matching link to the liquidation link further deepened the severity of the Hong Kong stock market crash. .

Or to put it another way, there are opportunities in the crisis. Compared with the stock market disaster, which is full of sorrow and sorrow, are those overt or covert concerns caused by the electronic trading system still a thing? It’s more than that.

On the occasion of the one-year anniversary of the global stock market crash on Black Monday in 1987, Ma Shiheng, CEO of the Hong Kong Stock Exchange, and Zhou Wenyao, CEO of Gaoxing Technology, jointly held a press conference, jointly announcing that the Hong Kong Stock Exchange fully adopted the products provided by Gaoxing Technology. Electronic matching solutions.

The official name will definitely not be too vague, Ma Shiheng introduced: “This system is tailor-made by Gaoxing Technology for the Hong Kong Exchange, and it is called Automatic Order Matching and Execution System – automatic order matching and execution system. , referred to as AMS.”

Zhou Wenyao on the side was joking in a harmonious atmosphere, “To be precise, this system is called HKEX-AMS, the AMS of the Hong Kong Exchange.”

Ma Shiheng laughed, “Okay, let Zhou Sheng introduce you to the technical aspects of HKEX-AMS.”

Zhou Wenyao spoke eloquently, “As early as the early 1980s, when a group of exchanges, including the Chicago Stock Exchange in the United States, began to use electronic matching trading as a supplement to open auction trading, we were delighted. Technology has paid attention to and entered the needs of this professional field, and has hired experts including doctors of mathematics from the world’s top universities and veterans of Wall Street to form the best team to carry out research and development including trading algorithms. Some small and medium-sized stock exchanges, commodity exchanges, and metal exchanges have been successfully applied.”

“It needs to be pointed out that in the Heungkong market, the solution of Hengkong Futures Exchange has been running stably for many years. Based on this, it has accumulated rich experience in the actual operation of Heungkong securities industry. knowledge and experience.”

“Xiangjiang Exchange is our largest customer for this product so far, and Gaoxing Technology is a high-tech enterprise headquartered in Heungkong. It always regards Heungkong as its home and takes pride in serving the Heungkong market. Therefore, Heungkong Exchange is our God, Happy Technology will definitely make HKEX-AMS perfect in every link from implementation, to maintenance, and even future upgrades.”

After Zhou Wenyao finished speaking, Ma Shiheng began to introduce the specific arrangements for the introduction of HKEX-AMS by Heung Kong Exchange, which is divided into two steps. The first step is to assist electronic order matching; the second step is to fully electronic order matching.

Among them, the first stage of the auxiliary electronic order matching is subdivided into two parts: first select some stocks to be included in the electronic order matching. Based on the principles of voluntariness and representativeness, etc., the first stocks to participate in the electronic order matching include Universal Electronics, Benefit Bank and Heungkong Telecom; it is expected that most of the constituent stocks of the Hang Seng Index will join the ranks at the beginning of next year; if all goes well, the Heungkong Exchange will enter the era of full electronic matching at the beginning of the following year.

Because the renovation work of the Heung Kong Exchange is too busy, after introducing major issues, Ma Shiheng and Zhou Wenyao did not arrange a time-consuming question-and-answer session.

It is not difficult to imagine that in the environment of Hong Kong, there is a demonic wind blowing immediately. For example, even if the Hong Kong Exchange wants to use electronic order matching, how could it decide to use Gaoxing Technology’s solution so quickly? Isn’t it enough to shop around? ? Is there any shady secret of benefit transmission?

Ma Shiheng, who was being stirred up by various troubles in the process of promoting the reform work of Heungkong Exchange, could not help but fight back verbally. Don’t take it for granted that Happy Technology is a local company headquartered in Heungkong, and judge its technical strength for granted. Inferior, Happy Technology is not only first-class in technology, but also as a local company in Heungkong, in front of the special customer of Heungkong Exchange, it is much more humble than other manufacturers. Fully adapt to the characteristics of the Hong Kong securities industry…

I know what it means. The stocks that first introduced HKEX-AMS – Universal Electronics and Yili Bank, are well-known flagship companies of the Gao Consortium. If something goes wrong, they will carry it first, what else do they want? How to do something real, so difficult!