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and researchers access the financial information
easily, quickly and confidently.
In current financial market, a transaction can
bind concurrent related connections to multiple
parties and several layers of agents. For example, the
trading engine could simultaneously connect with
other brokers for placing orders, banks for
settlement or credit checking, financial institutes for
registry or market analysis etc. However SSL does
not support multiple-party communications very
well and cannot provide assurance of nonrepudiation
without a third-party server (Security Roadmap,
2002). We are researching and experimenting secure
XML protocols, e.g. XML Digital Signature (DSIG).
The XML Signature standard provides a means for
signing parts of XML documents. (XML Signature,
2003) and XML Encryption (XML Encryption,
2003) supported by W3C for efficient and secure
data communication to complement SSL.
The XML Encryption standard permits
encryption of portions of the message allowing
header and other information to be clear text while
leaving the sensitive contents encrypted to the
ultimate destination with true end-to-end
confidentiality. In web services environment, a
service provider may play the role as a service
requestor who sends information to multiple
services.
Another group lead by Pradeep Ray (Ray, 2003)
is collaborating with us on DoS attack prevention.
The DoS attacks, in distributed forms have to be
dealt with at the network management level.
Besides the security focus, in order to leverage
our existing web services and to achieve an efficient,
dynamic integration solution, a new approach of
user-centric, process-driven and real time oriented
service is designed and implemented in our lab. It is
called real time trade data service (Cheung and Wu,
2003).
Another component in our architecture is a
composite broker service for trading larger orders.
This includes searching existing databases,
generating trading plans based on output of analytics
services, placing the orders and receiving executing
results from trading service (Dabous and Lee, 2003).
There are some integration issues that must also
be addressed in order to tightly coordinate with other
organizations, individuals and working groups for
customer satisfaction, operational excellence and
legal requirements (Rabhi and Benatallah, 2002).
For instance, settlement, which happens after trade
completion, involves transferring funds between
buyers' and sellers' bank accounts, needs to be
promptly facilitated among different financial
institutes. Currently, STP occurs a few days later
after trading. The industry goal is T+0 (same day
settlement). We are targeting various information
technical solution options to explore and provide the
STP opportunity for Australian financial market
service sectors.
ACKNOWLEDGEMENT
We would like to sincerely acknowledge the
contribution of many people on this project. We
thank Stanley Yip, Joshua Mok, Chris Burgess,
Johan Fischer, Yun Ki Lee, Glen Tan, Robert Chu
Sunny Wu, Anthony Cheung, Rafal Konlanski and
Jamaria Kong, Anne-Laure Mazon. The work is
partially supported by Capital Markets Cooperative
Research Centre (CMCRC, 2003).
REFERENCES
Allen, H. et al., November 2001. Electronic trading and
its implications for financial systems.
At
http://www.bis.org/publ/bispap07.htm
Capital Markets Cooperative Research Centre(CMCRC),
2002-2003. At http://www.cmcrc.com/
CBDI, 2003. At http://www.cbdiforum.com/index.php3
Cheung, A. and Wu, S., 2003. A Trade Data Service,
Thesis, the University of New South Wales.
Chiu, K. et al., 2002. SOAP for high performance
computing, Technical report, Indiana University. At
http://www.extreme.indiana.edu/xgws/papers/soapPerf
Paper/soapPerfPaper.pdf
Computershare, 2003. At http://www.computershare.com
Dabous, F. et al. 2003. Performance Issues in Integrating
a Capital Market Surveillance System using Web
Services. In proc. of 4th International Conference on
Web Information Systems Engineering, Roma, Italy,
Dec 2003
Dabous, F and Lee, Y., 2003. Web Services Composition
in Capital Market Systems, Technical report, the
University of New South Wales.
Davis, D. and Parashar, M., 2002. Latency performance of
SOAP implementations, in proceedings of the 2
nd
IEEE/ACM International Symposium on Cluster
Computing and the Grid
Engelen, R. et al., 2003. Developing Web Services for C
and C++, IEEE Internet Computing, March|April 2003
pp53-61
Exchange Service, 2003.
At http://129.94.244.61:8080/fit/prototypes.html/
FIX Protocol, 2001. The Financial Information Exchange
Protocol (FIX), version 4.3, At
http://www.fixprotocol.org/specification/fix-43-pdf.zip
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