Gregor Malenšek (2011) The comparison of stock exchange trading information systems BTS and Xetra. EngD thesis.
Purpose of this thesis is a comparison of stock exchange trading information systems BTS and Xetra based on technical criteria: flexibility, connectivity with other systems and availability. BTS is a trading system for smaller exchanges. Development and first installation were carried out in Slovenia, and later it was sold to several other countries. It is running on PC servers using Windows Server operating system. While the functionality and processing speed do not reach Xetra, it is significantly more flexible, its interfaces are easier to use and in some configurations it can achieve better availability than Xetra. Xetra is a system for large exchanges. It was developed in Germany and there are also located two processing centers, where Xetra is running on a cluster of mainframe computers. In these two centers, cloud computing takes place for several European exchanges. Individual exchanges are connected with the centers with optical lines and their IT staff only takes care for the equipment of their clients. Server part is used as a service and they only need to pay a monthly fee. Xetra is less flexible than BTS, its interfaces are awkward but represent a standard because a number of users. Availability is principally well designed, but due to greater complexity and remoteness of end users the problems may occur. The problems are harder to resolve than on a simpler BTS system.
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