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Strategic Competitive Advantages Through Enterprise Systems: The Case of Exchange Systems

机译:企业系统的战略竞争优势:交换系统的情况

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Enterprise Systems play a key role in securities trading. Exchange operators spend great effort in overhauling their IT-infrastructure to satisfy the needs of market participants who require faster and more resilient order management cycles. Previous studies have disregarded the question whether such specific IT-investments lead to competitive advantages. Against this background, we empirically analyze the impact of exchange system upgrades on the market share of the respective exchange. Using a benchmarking approach against the closest competitor, we find that exchange system overhauls significantly increase the attracted trading volume. We conclude that investments in enterprise systems provide benefits and lead to competitive advantages for the upgrading firm.
机译:企业系统在证券交易中发挥着关键作用。 Exchange Operators在对其IT基础设施进行大修以满足需要更快和更有弹性订单管理周期的市场参与者的需求来实现努力。以前的研究忽视了这些特定IT投资是否导致竞争优势的问题。在此背景下,我们明确分析了交流系统升级对各交易所市场份额的影响。利用对最接近竞争对手的基准方法,我们发现交流系统过度突出显着增加了吸引的交易量。我们得出结论,企业系统的投资为升级公司提供了益处并导致竞争优势。

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