These costs will be changed by electronic trading systems. There is no such thing as a universally best trading system structure. A private Investor expects other qualities from a trading system than does a hedge fund or a professional arbitrageur. Rather, a trading system structure tries to optimize various, sometimes conflicting, interests. The heterogeneity of interest groups assures that there are many different trading systems which do not compete with one another but must be seen as complementary.
Technological progress increases the variety of trading systems.
The system they finally chose is state of the art, consisting of a central exchange linked with the trading systems installed at the exchange members locations. The trading system, running on SUN or DEC Unix workstations, is designed as an open system, which allows the integration of own applications developped by the members. Recently, independent systems suppliers have complemented the configuration supported by SWX with PC applications for traders and asset managers. The new exchange started to work with the foreign equities segment in December 1995, with Swiss equities and bonds to follow in summer 1996. Banking and Finance Education in Zurich and St. Gallen By Urs Schneider, IFCI, Geneva Zurich, the premier financial and economic center of Switzerland, has seen a whole network of education and training institutions develop in its vicinity, serving the needs of the banking and financial industries on different levels.