Below in English

那具体的一个证券交易系统是怎么搭建的呢？

一：交易系统应用场景

什么是交易系统？从简单的概念上讲，交易系统为商品市场提供商品的集中交易及报价、撮合、清算、交割、登记等服务。例如：证券交易系统为证券市场提供证券的集中交易及报价、撮合、清算、交割、登记等服务；数字货币交易系统为数字货币市场提供数字货币的集中交易及报价、撮合、清算、交割、登记等服务；另外还有白银交易系统、黄金交易系统、贵金属交易系统、药材交易系统、艺术品交易系统等等。

可见交易系统应用场景比较广泛，现在我们深入浅出探索交易系统的基础设计，为感兴趣的朋友提供交易系统相关的基础知识、常见问题、改进策略、架构设计等内容，让从事交易系统研发与应用的朋友更高维度的审视交易系统架构，更深入的研究交易系统核心，更清楚的掌握交易系统应用。

二：交易系统的不同视角

视角一：从开发设计视角来看：我们按照系统层次进行划分，可以将交易系统划分为外围系统、核心系统；外围系统包括新闻系统、公告系统、用户安全系统、钱包系统、OTC系统等等，核心系统包括【撮合引擎】、【账户系统】、【结算系统】；视角二：从用户体验视角来看：对于交易系统来说，客户最关心交易系统的三个指标：正确性、高效性、高并发；

【指标一：正确性】：指的是系统业务链设计的正确性，业务执行的正确性，业务核算的正确性以及业务异常处理的正确性；对于交易系统的正确性来说，我们99%关注是账户信息、账户资金、账户流水等业务的正确性。主要受到撮合系统、账户系统的影响；

【指标二：高效性】：指的是一个完整业务链执行完成，所需要的最短时间。例如：交易系统系统的委托交易业务链；在两笔买卖单可成交情况下，委托交易业务链由挂单、撮合、成交、清算四个步骤构成。该业务链的执行最短时间为【高效性】=【挂单时间】+【撮合时间】+【成交时间】+【清算时间】。主要受到撮合引擎、清算系统的影响；

【指标三：高并发】：指的是在极短单位时间内，极多个请求同时发起到服务器，服务器对多个请求进行处理。随着交易系统的用户量不断增加，我们会采用多种手段改进交易系统的设计实现，满足交易系统的高并发要求。主要受到撮合引擎、账户体系、清算系统的影响；

三：核心三系统初步探索

【系统一：撮合引擎】

【现状描述】：目前在网上传播最多的当属【撮合引擎】的设计资料。交易系统的撮合引擎伴随着90年代的证券交易系统发展而逐步完善。

【发展历程】：最早的库撮合方式 -> 有锁内存撮合方式（有锁内存队列）-> 无锁内存撮合方式（无锁环形内存队列）。

【影响分析】：目前撮合引擎的设计与实现已经稳定，实现百万TPS的撮合效率也是很容易实现的。

【系统二：账户系统】

【现状描述】：现有的交易系统，除了证券交易所这些用户群体巨大、业务复杂性高，具备完善的账户系统设计。

【发展历程】：由最早的【用户账户一体系统】升级为用户账户分离的【单式记账法-普通账户系统】，随着金融业务的复杂度再次增加，将【单式记账法-普通账户系统】继续升级为【复式记账法-金融级账户系统】。

【影响分析】：账户系统的设计对交易系统的【正确性】【高效性】【高并发】都起着重要的作用。

【系统三：清算系统】

【现状描述】：当下的清算系统与账务系统处境相似，同样被隐藏在撮合引擎的光环下，不被人们所熟知。

【发展历程】：清算在用户量小的情况下，采取一笔一笔的清算方式，实现简单；但是，在用户量特大的情况下，合并成交笔数（多笔成交记录合并为一笔）才是比较好的清算方案。将【单边净额清算】方式升级为【多边净额清算】方式

【影响分析】：影响委托交易业务链的清算环节，进而影响交易系统的【高效性】【高并发】

更多信息私聊

How is a specific securities trading system built?

I. trading system application scenario

What is a trading system? From a simple concept, the trading system provides centralized trading, quotation, matching, clearing, delivery, registration and other services for the commodity market. For example, the securities trading system provides centralized trading and quotation, matching, clearing, delivery, registration and other services for the securities market; the digital currency trading system provides centralized trading and quotation, matching, clearing, delivery, registration and other services for the digital currency market; in addition, there are silver trading system, gold trading system, precious metal trading system and herbal medicine trading system E-system, art trading system, etc.

It can be seen that the application scenarios of the trading system are quite extensive. Now we are going to explore the basic design of the trading system in a simple way, and provide interested friends with the basic knowledge, common problems, improvement strategies, architecture design and other contents related to the trading system, so that friends engaged in the research and development of the trading system and the application of the trading system can examine the trading system architecture in a higher dimension, and further study the core of the trading system, More clearly grasp the application of trading system.

Two: different perspectives of trading system

Perspective 1: from the perspective of development and Design: we can pide the trading system into peripheral system and core system according to the system level; the peripheral system includes news system, announcement system, user security system, wallet system, OTC system, etc., and the core system includes [matching engine], [account system], [settlement system]; perspective 2: from the perspective of user body From the perspective of experience: for the trading system, customers are most concerned about the three indicators of the trading system: correctness, efficiency and high concurrency;

[indicator 1: correctness]: it refers to the correctness of system business chain design, business execution, business accounting and business exception handling; for the correctness of transaction system, 99% of our attention is on the correctness of account information, account capital, account flow and other businesses. Mainly affected by matching system and account system;

[indicator 2: efficiency]: it refers to the shortest time required for the execution of a complete business chain. For example: the entrusted transaction business chain of the transaction system; when two sales orders can be concluded, the entrusted transaction business chain is composed of four steps: hanging order, matching, closing and clearing. The shortest execution time of the business chain is [efficiency] = [time of registration] + [matching time] + [transaction time] + [clearing time]. Mainly affected by matching engine and clearing system;

[indicator 3: high concurrency]: in a very short unit time, a large number of requests are initiated to the server at the same time, and the server processes multiple requests. With the increasing number of users in the trading system, we will use various means to improve the design and implementation of the trading system to meet the high concurrency requirements of the trading system. Mainly affected by matching engine, account system and clearing system;

Three: preliminary exploration of core three systems

[system 1: matching engine]

[description of current situation]: at present, the design data of [matchmaking engine] is the most widely disseminated on the Internet. The matching engine of trading system is gradually improved with the development of securities trading system in 1990s.

[development process]: the earliest database matching method - > locked memory matching method (locked memory queue) - > unlocked memory matching method (unlocked ring memory queue).

[impact analysis]: at present, the design and implementation of matchmaking engine has been stable, and it is easy to achieve the matchmaking efficiency of one million TPS.

[system 2: account system]

[description of current situation]: in addition to the huge user groups and high business complexity of the stock exchange, the existing trading system has a complete account system design.

[development process]: upgrade from the earliest [integrated user account system] to the [single accounting method general account system] with the separation of user accounts. As the complexity of financial business increases again, upgrade the [single accounting method general account system] to the [double accounting method financial level account system].

[impact analysis]: the design of account system plays an important role in the correctness, efficiency and high concurrency of transaction system.

[system 3: clearing system]

[description of current situation]: the current clearing system is similar to the accounting system. It is also hidden in the halo of matchmaking engine and is not known by people.

[development process]: in the case of a small number of users, the liquidation method is simple to implement. However, in the case of a large number of users, the number of combined transactions (multiple transaction records combined into one transaction) is a better liquidation scheme. Upgrade [unilateral net settlement] to [multilateral net settlement]

[impact analysis]: it affects the clearing link of the entrusted transaction business chain, and then affects the [efficiency] and [high concurrency] of the transaction system.

More information private chat