transaction gateway
Trading Gateway (TDGW) is an application software designed and developed to provide trading access to members and other market participants. As a client for trading offer positioning, the Trading Gateway provides a socket-based trading flow interface.
Gateway refers to the software and hardware facilities placed at the member's place to connect the member and the exchange's trading system. Members can use multiple gateways to make offers at the same time, but they are not allowed to use other people's gateways to make offers.
Members can configure subordinate trading units to the gateway as needed. Multiple transaction units can be configured on one gateway at the same time, and one transaction unit can also be configured on multiple gateways.
The Exchange controls the total flow rate of members' offers (that is, the "runway width") through the gateway. When the actual offer rate reaches the limit value of the gateway's flow rate, the throttling function will be activated, and the offer exceeding the limit value will be postponed to the next time period. Members can apply to set the offer flow rate of the gateway according to their needs. The Exchange stipulates that the standard flow rate for each copy is 50 transactions per second. The flow rate configured on the gateway must be an integral multiple of the standard flow rate. At present, the maximum flow rate supported by a single gateway is 1000 transactions per second. The Institute will test and adjust the standard flow rate value every year to ensure that the overall flow rate owned by members is compatible with the needs of market development.
Market Gateway
The market quotation gateway (MDGW) is used to provide quotation services. Different market information is divided into multiple channels for transmission, and market participants can choose to only receive market information from designated channels according to their needs.
Level-1: 5 market quotations
Level-2: 10 market quotations
seat
If you want to participate in the transaction on the stock exchange, cats and dogs are not allowed, only securities companies are eligible to submit orders to the exchange; this is the right of the brokerage as a transaction participant. As for individual investors and institutional investors, they must entrust a brokerage firm to place orders, otherwise the submitted buy and sell orders cannot be delivered to the trading system of the exchange.
The seat is the carrier of this trading right. The so-called carrier is more reflected in the legal meaning rather than the actual business level.
In addition to trading rights, seats also carry property rights. In order to obtain a seat, brokerages must pay a fee to the exchange.
transaction unit
Shanghai Stock Exchange
According to the relevant regulations of the Shanghai Stock Exchange , members of the Shanghai Stock Exchange and institutions recognized by the Shanghai Stock Exchange, if they want to enter the Shanghai Stock Exchange market for securities transactions, in addition to applying to the Shanghai Stock Exchange for the corresponding seat, they must It is necessary to apply to the Shanghai Stock Exchange for trading rights and become a trading participant of the Shanghai Stock Exchange.
Trading participants shall conduct securities transactions through the participant trading units that apply for opening on the Shanghai Stock Exchange. Participant trading unit refers to the basic unit by which trading participants can participate in securities trading on the Shanghai Stock Exchange, enjoy and exercise relevant trading rights, and accept the management of relevant trading business by the Shanghai Stock Exchange. Therefore, the transaction unit is the technical carrier of transaction authority. The management of member participation in transactions and member permissions is realized through the transaction unit.
Shenzhen Stock Exchange
It refers to the basic business unit that a member of a stock exchange applies to the stock exchange for establishment after obtaining a seat, participates in securities transactions on the stock exchange and accepts the supervision and services of the stock exchange.
The trading units set up by members are connected to the trading system of Shenzhen Stock Exchange through the gateway . Members can make transaction declarations for one trading unit through multiple gateways, and can also make transaction declarations for multiple trading units through one gateway, but they are not allowed to make transaction declarations through the gateways of other members.