VECTOR is CMC's automated system for securities trading. The system is tested to handle a volume of 100 orders per second on HP's L-class enterprise server. It is perhaps the only securities trading software in the world which is running at as many as a dozen stock exchanges — in India and Bangladesh (Chittagong Stock Exchange).

This system is built around a central computer called the central trading system (CTS). Brokers interact with the CTS through broker workstations. Other users of the system (like market operations and surveillance) are also connected to the CTS through their own workstations. These include the operations workstation and the surveillance workstation. All VECTOR workstations have a user-friendly graphical user interface (GUI), developed using state-of-the-art technology.

In the computerised scenario, the brokers / traders sits in their own offices and send their quotes, orders, negotiated deals, in-house deals, auction orders, etc, through their BWs to the CTS. The best bid and offer (BBO) of all the scrips in the market are available to all the BWs through the broadcast of market information.

The buy and sell orders placed by the broker / trader is matched at the best available price in the market for that scrip at that time. After matching and concluding the transactions, trade confirmations are sent to the respective BWs, which can be printed out.

News feeds from other stock exchanges can also be received at the CTS and broadcast to all the user workstations. News related to board meetings, rights / bonus / dividend, record dates / book closure dates, financial results, other scrip-related information, stock exchange news — even political and other news — can be received and broadcast to all user workstations.

Prices of the various scrips in the stock exchange can be made available in the form of news feeds to different agencies. Information like queries and reports, opening positions, deal / order / quote information, the market index, market volumes, news, market announcements, net position, etc., are also available to user workstations.

Various parameters can be set to control the market. Any violations of these set parameters are notified by the VECTOR system to surveillance at the SWS. Various alerts can also be set by the surveillance personnel to watch particular scrips or brokers, etc, during the time the market is in operation. These functions are provided for on-line surveillance.

Technical architecture, hardware and software platforms

	Reduces and eliminates operational inefficiencies inherent in manual systems
	Increases trading capacity on the stock exchange
	Improves market transparency, eliminates unmatched trades and delayed reporting
	Promotes fairness and speedy matching
	Provides for online and offline monitoring, control and surveillance of the market
	Smooth market operations using technology, while retaining the flexibility of conventional trading practices
	Sets various limits, rules and controls, centrally
	Consolidates the trades data and interfaces with clearing, settlement and depository systems (where these computerised systems exist)
	Provides brokers with trades data on electronic media, interfacing with the broker's back-office system
	Provides a sophisticated, easy-to-use, graphical user interface (GUI) to all users
	Provides public information on scrip prices and indices to all users of the system and allows the stock exchange to do information vending
	Provide analytical data for use of the stock exchange
	Provide an open system for future extended capabilities and functionalities.

Unique features
Open architecture: Unix has now become a de-facto global standard for OLTP applications. The user will be totally free from any dependency problems that come up from the business policies of proprietary systems.

Database-independent: The solution is built on a database-independent tool. This not only integrates various solutions developed on different databases, it also ensures that there is no dependency on any particular database. The customer, therefore, makes only a one-time investment on the application software.

Client-server: The software application layer separates the user from the system software. The client-server architecture ensures users do not log on to the RDBMS and Unix, thereby saving time. Data processing is much faster too. The three-tier client-server architecture used in VECTOR is ideal for such applications.

Hardware
The hardware for this system can be made scalable within the box as well as by adding more processors to the network. This provides for system expansion without having to change the system to cater for future load and requirements.

Indicative client list

	Chittagong Stock Exchange, Bangladesh
	Cochin Stock Exchange
	Coimbatore Stock Exchange
	Hyderabad Stock Exchange
	Jaipur Stock Exchange
	MP Stock Exchange, Indore
	OTC Exchange of India (OTCEI)
	Pune Stock Exchange
	Vadodara Stock Exchange

Contact
Head - BFS
CMC House
C-18, Bandra-Kurla Complex
Bandra (East)
Mumbai - 400 051
Tel: 022-26591000-2
Fax: 022-26591046
Email : bfs@cmcltd.com