Electronic trading system
An electronic trading system (also a computer exchange ) is an automated, electronic system for the conclusion of stock exchange transactions , i. That is, it brings together supply and demand for securities. In contrast to floor trading , no visual interaction and communication between the trading participants is necessary. The electronic trading system carries out transactions in securities, currencies or goods automatically when there are suitable offers to buy and sell. Computer exchanges are therefore not tied to a specific location.
The first fully electronic exchange in Germany was the Deutsche Terminbörse , also called DTB , which went into operation in 1990 . In Germany there are the electronic trading platforms Xetra , Xontro and Tradegate for the cash market and Eurex for the derivatives market .
The secondary electronic trading systems connected to NASDAQ are called Electronic Communication Networks (ECNs). The over-the-counter OTC Bulletin Board also exists in America .