IS 356 IT for Financial Services Bond Market Technology and Web Services May 30,
May 30, 2016© Paul Tallon2/18 CBOT Open outcry market located around auction pits Electronic trading is available through e-cbot Links to LIFFE as part of Euronext and Eurex
May 30, 2016© Paul Tallon3/18 CBOT
May 30, 2016© Paul Tallon4/18 IT and APIs
May 30, 2016© Paul Tallon5/20 Schwab issues periodic alerts as to new bond issues
May 30, 2016© Paul Tallon6/18 self-service model
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May 30, 2016© Paul Tallon10/18 Information sources on bond types…
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May 30, 2016© Paul Tallon13/18 Electronic Data Interchange (EDI) Materials releases price updates Shipping notices Discrepancy reports Payments remittance information Invoice Order Management Shipping Department Accounts Receivable Invoice Purchasing Department Receiving Department Accounts Payable System P. O.Order Via USPS
May 30, 2016© Paul Tallon14/18 What an EDI Invoice Looks Like… ST 810 means invoice EDI Implementation Conventions set the rules for the data stream ISA*00* *01*01*PASSWORDME*01* bbbbbb* bbbbbb*890714*2210*U*00204* *0*P*: GS*IN* * *900509*2210*000001*X* ST*810*0001 BIG*900713* 1001 *950625*P98932 N1*BT*ACME DISTRIBUTING COMPANY N3*P.O. BOX N4*ANYTOWN*NJ*44509 N1*ST*THE CORNER STORE N3*601 FIRST STREET N4*CROSSROADS*MI*48106 N1*SE*SMITH CORPORATION N3*900 EASY STREET N4*BIG CITY*NJ*15455 PER*AD*C.D.JONES*TE* ITD*01*3*2**IO ITI**3*CA*12.75**VC*6900 ITI**12*EA*.475**VC*P450 ITI**4*EA*.94**VC*1640Y ITI**I*DZ*3.4**VC*1507 TDS*5111 CAD*M****CONSOLIDATED TRUCK CTT*4*20 SE*21* GE*1* IEA*1*
May 30, 2016© Paul Tallon15/18 The Path to Web Services Motivation: information must be shared across platforms EDI – Relatively inflexible – Expensive to maintain – Mainframe-era, so what happens when servers appear? Legacy systems were not designed to share data ERP possibilities – Expensive – Error prone – Maintenance problems if one partner in transaction changes Internet – Leverage the strengths of HTML
May 30, 2016© Paul Tallon16/18 Understanding the “Lingo”… (part 1) en USD SOAP Paul P. Tallon MD MA XML XML: Extensible Markup Language SOAP: Simple Object Access Protocol
May 30, 2016© Paul Tallon17/18 Understanding the “Lingo”… (part 2) What does Expérian do with this SOAP message? – WSDL – interprets what needs to be done and generates a SOAP response to the originator 422-5…. No filings on record 5 XML SOAP WSDL WSDL: Web Services Description Language UDDI: Universal Description, Discovery and Integration UDDI 411
May 30, 2016© Paul Tallon18/18 For Next Class… Read − First exam next class − One page summary of Schwab case due in class on Tuesday