what is an online trading platform?

Answer 1

The application of blockchain technology in securities trading and clearing system can not only improve data security and information transparency, but also improve the efficiency of transaction execution.Although maintaining multiple back-up copies of the blockchain database is not more efficient in theory than maintaining a single centralized database, combined with the actual situation of securities trading and clearing, through the blockchain technology, all parties involved in the transaction can maintain the database containing the same transaction information, which can greatly reduce the need for manual reconciliation and significantly reduce the coordination cost.Goldman Sachs estimates that if blockchain technology is initially applied to the transaction clearing system, the labor and IT costs saved alone will be equivalent to 16% of the total transaction costs of the entire U.S. Stock Market.

A securities trading system based on blockchain technology shall at least include 3 sub modules, namely registration and custody, clearing and settlement, and securities trading, so as to realize the closed-loop system from quotation matching of securities to settlement and settlement [2].In the short-term application, the centralized quotation and matching system can be temporarily retained in combination with the actual situation of the capital market. In the long-term planning, the securities issuance module should be added to integrate the primary market into the blockchain system, and the market transparency and effectiveness can be comprehensively improved by taking advantage of the unique advantages of the blockchain.

(1) securities registration and custody ОАО "Завод Модуль" applying the blockchain technology, the securities registration status and transaction information (such as transaction records, voting at shareholders' meetings, equity pledge status and restriction conditions) are stored in the distributed account book of each node (i.e. market participants), fundamentally changing the centralized securities registration model, effectively reducing transaction costs and improving market liquidity.

(2) securities clearing and settlement module.Taking advantage of the inseparability of the block in the blockchain technology, the securities settlement and cash redemption instructions are packaged in the same block to eliminate the clearing error caused by the instruction time difference.The application of blockchain technology in this module will strongly promote the process of procedural and automated securities clearing and settlement, and the actual time of securities trading will be greatly reduced, or even the T+0 settlement of securities trading may be realized, so as to further improve the market liquidity.

(3) securities trading module.For the A share market with active trading and high market liquidity, the model of combining the centralized bidding trading system with the registration and settlement system based on the blockchain can be considered to ensure the processing capacity of concurrent requests, greatly shorten the actual transaction time and effectively improve market liquidity;For the over-the-counter equity transfer system with incomplete trading system and small trading volume, the reconstruction of trading system based on blockchain technology can be completed at one stroke.

(4) securities issuance module.The securities issuance module based on the blockchain technology can include non-public information in the stock issuance stage into the blockchain, which is of great significance for regulating the order of the primary market. The transparency and irrevocability of the blockchain will block the collusion space between the issuer and the investment bank, and effectively prevent the occurrence of fraudulent issuance.The introduction of the over-the-counter trading pilot in the securities issuance module aims to solve the pain points of information asymmetry in these markets, which helps to protect and attract investors.

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Answer 2

An online trading platform is a tool used by investment brokers who trade online. The platform operates as the central location through which all trades occur.