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12209034AbstractFinancialmarketisapivotthatkeepsmoderneconomicsystemoperatingsmoothly.Anditisalsoacoreofmarketeconomy.Internettechnologytypifiedwithinformationhighwayhasbroughtthewholeworldintotheageofinterneteconomy,thefinancialfieldisoneofthemostextensiveandsuccessfulfieldtowhichinternettechnologyandinformationtechnologywasapplied.Ononehand,thedevelopmentofthefinancialmarketisbasedonthetechnology,ontheotherhand,theadvancedtechnologybringsoutnewproblemsandchallengestofinancialmarket.Beginningfromthepresentsituationthatinformationtechnologyandinternettechnologywasappliedtofinancialmarketintheworld,thethesisgivesbroadandpenetratinganalysisandargumentsontheoverlappingfieldsof5technologyandfinancewhilefocusingonprofoundinfluenceandefficiencyonfinancesectorbythechangingtechnology.Afterprobingtherelationshipsofthetechnology,financialinnovationandfinancialmarkets,thethesisanalysishowtechnologyistoeffectfinancialinnovationandfinancialinstruments.Atlast,thethesistriestofindwaysthatcarryourcountry’sfinancialmarketastepforwardonthepointoftechnology.Thethesisisdividedintofiveparts:PartOne:thepresentsituationthattechnologywasappliedtofinancialmarketintheworldFirst,After1990s,theglobalnetworktechnologyandelectroniccommunicationtechnologyhavedevelopedrapidly.Sotheybringworldfinancialmarketsintointernetfinancialmarketsepoch.Hi-techplaysagreatroleinthefieldsofmarketequipment,financialproducts,clearingsystemandmanagementinformationsystem.Second,fromthepointofourcountryfinancialmarketdevelopment,financialtechnologywasappliedwidely.Therearesomeimportantbreakthroughsinelectronicequipment,communicationnetwork,clearingsystemandtechnologyinnovation,butitlackstherestrainofoverallplan,andthesoftwaredevelopmentfallsbehindthehardwaredevelopment.PartTwo:theefficiencyoftechnologyinfinancialmarketdevelopmentPracticeprovedthattheefficiencyoftechnologyisnotsubstituteintheimprovingofstructure,efficiencylevel,avoidingrisk,openingdegreeandregulationabilityoffinancialmarkets..ThestructurelevelsoffinancialmarketandtechnologyadvanceItisagreatdifferencebetweenSecond-TierMarketandtheMainBoardMarketinlistingstandardsandoperatingway,andthefinancialinstrumentsofDerivativeshavestrongliquidityandspeculative.Allofthesehaveahigherrequirementtostandardizedcontractandmarginrulesthanothermarkets.Soitrequiresspecialinformationandnetworktechnology..Theefficiencyoffinancialmarketandtechnologyadvance6Oneaspect,marketefficiencybasesonefficiencyofinformationtransmission.High-developedinformationtechnologygivesatechnologysupportthatpricereflectstheinformationandestablishesmaterialbaseforimprovingfinancialmarketefficiency.Theotheraspect,becausenetworktechnologyandinformationhavewidelyapplied,itpushestheentiretyefficiencyoffinancialmarketimproving:transactioncostisreducedandtransactionspeedisraised..Therisk-avoidingfunctionoffinancialmarketandtechnologyadvanceFinancialmarketisamarketfullofrisk.Butitwilllowertheriskoffinancialmarketowingtotheextensiveapplyingofscienceandtechnology.Itwillreducemanualfaultsastoaccurateandfastofelectrontransactionsystem.Theshareofextensiveinformationwillreducetheriskofblindinvestmentandhelpinvestorstomakeaccurateandwisedecisions.Validfinancialinnovationcouldproviderisktransformandguardmechanism..TheopeningdegreeoffinancialmarketandtechnologyadvanceAccompaniedbythedevelopmentofinformationhighway,thecapitalcrossestheboundaryinalightingvelocity.Byandbyfinancialmarketgetintoglobalizationonaccountoftheimprovingofcomputerabilityandauto-transactionsystemofstockexchange..TheregulationabilityoffinancialmarketandtechnologyadvanceNetworkgivesachallengetofinancialregulation,atthesametimeitprovidesanewchanceforregulation.Itmustrelyontheadvantageofinformationtechnologyinordertocontrolfuturefinancialriskandimprovefinancialregulationability.Partthree:technologyadvancebringsnewchallengestofinancialmarketTechnologyisaswordwithtwoedges.Itcreatesmanychance,atthesametimeitalsobringsalotofrisks.First,thefinancialriskofscienceandtechnologyincreases.Second,transmissionofinternetinformationisuncontrollability,whichbringsnewproblemstosupervisor.Thethird,theissueandcirculationofelectroniccurrencyprovideanewchallengeto7financialregulation.Thelast,thecomingofinternetepochmightbringsnewproblemstotransfermechanismsofmonetarypolicy.Partfour:Scienceandtechnology,financialinnovationandthedevelopmentoffinancialmarketThispartintroducesthedefinitionoffinancialinnovationandoneoffinancialinnovationschooltechnologyinnovationschool.Italsoanalysestherelationshipsamongtechnology,financialinnovationandfinancialmarkets.Financialinnovationisthemotivepoweroffinancialmarketdevelopment.Informationtechnologyandnetworktechnologyprovideamaterialbaseforfinancialinnovation,especiallytofinancialinstruments.Thedevelopmentoffinancialmarketstimulatesthedemandoffinancialinnovation,andpromotesthedevelopingofinnovationbusinessandincreasingoftransactionscale.Atlastwecanseethefinancialinnovationbringsnewrisks.Partfive:Howtodevelopourcountry’sfinancialmarketsbywayoftechnologyFinancialelectronicnetw