Alok Info

Yugoslav Journal of Operations Research 16 (2006), Number 2, 265-284

DEVELOPMENT OF THE STOCK EXCHANGE INFORMATION SYSTEM

Radojko MILADINOVIĆ

Beogradska berza, Belgrade, Sebia radojko.miladinovic@belex.co.yu Received: September 2005 / Accepted: February 2006 Abstract: The stock exchange represents the key institution for the development of capital market of any country. Thus the information system of every stock exchange must satisfy very strict international standards. The development of these systems is particularly difficult in countries in transition, due to intense economic and legal changes, lack of technical and financial resources, lack of experience and knowledge in the area of the capital market business, etc. Therefore the special software project management methodology for their realization must be clearly defined. In the development process of the Belgrade Stock Exchange (BSE) information system a new software project management methodology for its realization has been defined, the application of which is illustrated through a series of different development stages of the Belgrade Stock Exchange information system. In order to make all the problems more comprehensive, only the continuous trading method is described, being the most frequently used trading method in the world.

Keywords: Stock exchange, trading engine, market, board, order, continious trading method, project management methodology, object oriented development.

1. INTRODUCTION

Development and implementation of the stock exchange information system represents a responsible and difficult task, the realization of which require substantial financial resources, as well as human and technical resources. Limited material, staff and technical resources were the main factors that influenced many countries that were undergoing a period of transition to take over the stock exchange information systems of countries with developed market economies. However, there are examples of countries...