In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products can be traded by the trading platform, over a communication network with a financial intermediary or directly between the participants or members of the trading platform. This includes products such as stocks, bonds, currencies, commodities, derivatives and others, with a financial intermediary, such as brokers, market makers, Investment banks or stock exchanges. Such platforms allow electronic trading to be carried out by users from any location and are in contrast to traditional floor trading using open outcry and telephone based trading. Sometimes the term trading platform is also used in reference to the trading software alone.
Electronic trading platforms typically stream live market prices on which users can trade and may provide additional trading tools, such as charting packages, news feeds and account management functions. Some platforms have been specifically designed to allow individuals to gain access to financial markets that could formerly only be accessed by specialist trading firms. They may also be designed to automatically trade specific strategies based on technical analysis or to do high-frequency trading.
The term ‘trading platform’ is generally used to avoid confusion with ‘trading system’ which is more often associated with the trading method or strategy rather than the computer system used to execute orders within financial circles. In this case platform is used to mean a type of computing system or operating environment such as a database or other specific software.
Transactions have traditionally been handled manually, between brokers or counterparties. However, starting in the 1970s, a greater portion of transactions have migrated to electronic trading platforms. These may include electronic communication networks, alternative trading systems, “dark pools” and others.
The first electronic trading platforms were typically associated with stock exchanges and allowed brokers to place orders remotely using private dedicated networks and dumb terminals. Early systems would not always provide live streaming prices and instead allowed brokers or clients to place an order which would be confirmed some time later; these were known as ‘request for quote’ based systems.
Trading systems evolved to allow for live streaming prices and near instant execution of orders as well as using the internet as the underlying network meaning that location became much less relevant. Some electronic trading platforms have built in scripting tools and even APIs allowing traders to develop automatic or algorithmic trading systems and robots.
The client graphical user interface of the electronic trading platforms can be used to place various orders and are also sometimes called trading turrets (though this may be a misuse of the term, as some refer to the specialized PBX phones used by traders).
During the period from 2001 to 2005, the development and proliferation of trading platforms saw the setting up of dedicated online trading portals, which were electronic online venues with a choice of many electronic trading platforms rather than being restricted to one institution’s offering.
Katika fedha, jukwaa la biashara ya elektroniki, pia inajulikana kama jukwaa la biashara ya mtandaoni, ni programu ya programu ya kompyuta ambayo inaweza kutumika kuweka maagizo ya bidhaa za kifedha kwenye mtandao na mpatanishi wa kifedha. Bidhaa mbalimbali za kifedha zinaweza kuuzwa na jukwaa la biashara, kupitia mtandao wa mawasiliano na mpatanishi wa kifedha au moja kwa moja kati ya washiriki au wanachama wa jukwaa la biashara. Hii inajumuisha bidhaa kama vile hisa, dhamana, sarafu, bidhaa, derivatives na wengine, na wajumbe wa kifedha, kama vile brokers, watengenezaji wa soko, benki za uwekezaji au masoko ya hisa. Jukwaa kama hilo linaruhusu biashara ya elektroniki kufanywa na watumiaji kutoka mahali popote na ni kinyume na biashara ya kawaida ya sakafu kwa kutumia wito wa wazi na biashara ya simu. Wakati mwingine neno jukwaa la biashara pia hutumiwa kwa kumbukumbu ya programu ya biashara peke yake. Programu za biashara za elektroniki kwa kawaida hutangaza bei za soko za moja kwa moja ambazo watumiaji wanaweza kufanya biashara na zinaweza kutoa zana za ziada za biashara, kama vile vifurushi vya chati, habari za habari na kazi za usimamizi wa akaunti. Baadhi ya majukwaa yametengenezwa hasa kuruhusu watu binafsi kupata upatikanaji wa masoko ya fedha ambayo hapo awali inaweza tu kupatikana na makampuni maalumu ya biashara. Pia inaweza kuwa iliyoundwa kwa ajili ya biashara moja kwa moja mikakati maalum kulingana na uchambuzi wa kiufundi au kufanya biashara ya masafa ya juu. Neno "platform ya biashara" ni kawaida kutumika ili kuepuka kuchanganyikiwa na "mfumo wa biashara" ambayo ni mara nyingi zaidi kuhusishwa na mbinu ya biashara au mkakati badala ya mfumo wa kompyuta kutumika kutekeleza maagizo ndani ya duru za kifedha. Katika kesi hii jukwaa ni kutumika kumaanisha aina ya mfumo wa kompyuta au mazingira ya uendeshaji kama vile database au programu nyingine maalum. Biashara kwa kawaida zimeshughulikiwa kwa mkono, kati ya wakala au washirika. Hata hivyo, kuanzia miaka ya 1970, sehemu kubwa ya shughuli zimehamia kwenye majukwaa ya biashara ya elektroniki. Hizi zinaweza kujumuisha mitandao ya mawasiliano ya elektroniki, mifumo mbadala ya biashara, "bwawa nyeusi" na wengine. Vituo vya kwanza vya biashara vya elektroniki kwa kawaida vilihusishwa na masoko ya hisa na kuruhusu wafanyabiashara kuweka maagizo kwa mbali kwa kutumia mitandao ya kibinafsi ya kujitolea na vituo vya bubu. Mifumo ya mapema haikutoa bei za matangazo ya moja kwa moja na badala yake kuruhusu wafanyabiashara au wateja kuweka agizo ambalo lingethibitishwa muda mfupi baadaye; hizi zilijulikana kama "maombi ya quotation" mifumo ya msingi. Mifumo ya biashara ilibadilika ili kuruhusu bei za matangazo ya moja kwa moja na karibu kutekeleza mara moja kwa maagizo, pamoja na kutumia mtandao kama mtandao wa msingi, ikimaanisha kwamba eneo hilo halikuwa muhimu sana. Baadhi ya majukwaa ya biashara ya elektroniki yamejengwa katika zana za maandishi na hata API zinazoruhusu wafanyabiashara kuendeleza mifumo ya biashara ya moja kwa moja au algorithmic na roboti. Mtumiaji graphical interface ya wateja ya elektroniki biashara majukwaa inaweza kutumika kuweka amri mbalimbali na pia ni wakati mwingine aitwaye biashara turrets (ingawa hii inaweza kuwa matumizi mabaya ya neno, kama baadhi ya rejea kwa maalum PBX simu kutumika na wafanyabiashara). Katika kipindi cha 2001-2005, maendeleo na kuenea kwa majukwaa ya biashara iliona kuanzishwa kwa milango ya biashara ya mtandaoni iliyojitolea, ambayo ilikuwa maeneo ya mtandaoni ya elektroniki na chaguo la majukwaa mengi ya biashara ya elektroniki badala ya kuwa na kizuizi cha kutoa taasisi moja.