Reborn Capital Madman

After Gao Xian completed the personnel appointment process for the two important positions of Chairman of the Board of Directors of the Hong Kong Stock Exchange and Chief Executive Officer of the Hong Kong Stock Exchange, the securities industry innovation project, which was relatively simple due to its technical bias, was immediately launched.

In Hong Kong, where the situation is too complicated to describe, many positive things have been hindered by various factors. For example, the introduction of electronic market matching system in the core stock trading link of the Hong Kong Stock Exchange should have taken advantage of the merger of the four exchanges a few years ago.

, almost all the new moments when the headquarters of the Hong Kong Stock Exchange moved into the Heung Kong International Exchange Building were put into practice smoothly.

At this stage, the application of computer information processing in the Hong Kong stock market has become very common. Gao Xian, who is especially aware of this advantage, has vigorously advocated and promoted it since he first entered the Hong Kong securities industry more than ten years ago, making Gao Yi a successful company.

The application model and the resulting intelligence capabilities are not at a disadvantage in the circle of international peers.

However, as far as the Hong Kong stock market is concerned, this kind of computer information processing application is only at the "auxiliary" level, because when investors want to buy and sell stocks listed on the Hong Kong Stock Exchange, they still have to call the Hong Kong International Trading Co., Ltd.

The telephones in the trading hall on the second floor of the Central Building are manually operated by market traders to match buyers and sellers. Compared with the "old script" in which people in the Internet era understand the scale of stock market transactions, the efficiency can be imagined. Of course,

The trading results after market makers match orders are entered into the computer information processing system.

The reason why Wu Hanhui, Li Fuzhao and other veterans of the Hong Kong securities industry who controlled the Hong Kong Stock Exchange at that time did not introduce an electronic market matching system cannot be dismissed as stupid. If someone can get to that position, they must be worthy of the knowledge of the elite.

In the final analysis, it is still bound by various factors, and even Gao Xian admits that it is a prudent decision to be conservative.

Superficial concerns include that after all, the electronic trading system is a new thing, and there are inevitably foreseeable and unforeseeable risks. If something goes wrong, someone must be responsible; new things will inevitably bring new rules, which means for vested interests.

There are challenges, such as the most obvious causal relationship, the market maker on the trading floor will lose his job...etc., there are also games hidden in the dark that are not convenient to put on the table.

This situation lasted until the Black Monday global stock market crash last year, and was finally broken. The Hong Kong stock market collapsed, accumulating a large number of orders that could not be processed in time, and the suspension of the matching and liquidation processes further deepened the severity of the Hong Kong stock market crash.

.

Otherwise, there are opportunities hidden in crises. Compared with the stock market crash that has caused widespread suffering, are the various concerns, overt or covert, caused by the electronic trading system still a big deal? The general trend is nothing better than this.

On the occasion of the one-year anniversary of the Black Monday global stock market crash of 1987, Ma Shiheng, CEO of the Hong Kong Exchange, and Zhou Wenyao, CEO of Gaoxing Technology, jointly held a press conference to jointly announce that the Hong Kong Exchange will fully adopt the technology provided by Gaoxing Technology.

Electronic trading solutions.

The official name will definitely not be too casual and unclear. Ma Shiheng introduced it in a straight tone: "This system is tailor-made by Gaoxing Technology for the Hong Kong Exchange. It is called Automatiatd Exe - Automatic Order Matching and Execution System, referred to as

AMS."

Zhou Wenyao on the side joked in a harmonious manner, "To be precise, this system is called HKEX-AMS, the AMS of the Hong Kong Exchange."

Ma Shiheng laughed and said, "Okay, first let's ask Mr. Zhou to introduce to you the technical aspects of HKEX-AMS."

Zhou Wenyao talked about it with ease, "As early as the early 1980s, when a number of exchanges, including the Chicago Stock Exchange in the United States, began to adopt electronic market matching trading as a supplement to open auction trading, we were happy.

Technology will pay attention to and enter the needs of this professional field,

We have hired experts including PhDs in mathematics from the world's top universities and senior Wall Street professionals to form the best team to carry out research and development including trading algorithms. Currently, they are used in some small and medium-sized stock exchanges and commodity exchanges in the world.

, Metal Exchange, has been successfully used."

“One thing that needs to be pointed out in particular is that in the Xiangjiang market, Gaoxing Technology’s solutions have provided auxiliary matching operations for the Xiangjiang Futures Exchange and have been operating stably for many years. Based on this, we have accumulated rich experience in the actual operation of the Xiangjiang securities industry.

knowledge and experience.”

"The Xiangjiang Exchange is by far our largest customer for this product, and Gaoxing Technology is a high-tech enterprise headquartered in Xiangjiang. It always regards Hong Kong as its home and is proud to serve the Hong Kong market. Therefore, the Xiangjiang Exchange is our

God, Gaoxing Technology will definitely make every aspect of HKEX-AMS perfect from implementation, maintenance, and even future upgrades."

After Zhou Wenyao finished speaking, Ma Shiheng began to introduce the specific arrangements for the Hong Kong Exchange to introduce HKEX-AMS, which was divided into two steps. The first step was to assist electronic trading; the second step was to comprehensively electronic trading.

Among them, the first stage of auxiliary electronic trading is subdivided into two parts: first, select some stocks to be included in the electronic trading. Based on the principles of voluntariness, representativeness, etc., the first stocks to participate in the electronic trading are Huanyu Electronics,

Benefit Bank, Heung Kong Telecom; It is expected that most of the Hang Seng Index constituent stocks will join this ranks early next year; if all goes well, the Heung Kong Exchange will enter the era of comprehensive electronic trading at the beginning of the next year.

Because the reform work of the Hong Kong Exchange was so busy, after introducing major issues, Ma Shiheng and Zhou Wenyao did not arrange a time-consuming question and answer session. The questions of the reporters on the scene could be summarized first, and then unified written responses could be given.

It is not difficult to imagine that in an environment like Xiangjiang, evil winds were immediately blowing. For example, even if the Xiangjiang Exchange wanted to adopt electronic trading, how could it decide to use Gaoxing Technology’s solution so quickly? Didn’t they do enough shopping around?

? Is there any shady conspiracy to convey benefits here?

Ma Shiheng, who was agitated by the various troubles in the reform process of the Hong Kong Exchange, couldn't help but verbally fight back. Don't assume that Gao Gao Technology is a local company headquartered in Hong Kong and assume its technical strength.

Inferior, Gaoxing Technology not only has first-class technology, but as a local company in Hong Kong, it is much more humble than other manufacturers in front of the special customer of the Hong Kong Exchange. Being on call is the minimum, and the basic comprehensive system upgrade is once every five years.

Fully adapt to the characteristics of the Hong Kong securities industry...

I know what it means. The stocks that were first introduced to HKEX-AMS - Huanyu Electronics and Lili Bank - are well-known flagship companies of the Gao Group. If there is a problem, they will take the lead first. What else do they want? What?

It’s so difficult to do something practical!