This morning, Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges, announced that it has integrated Swarm™, its patent-pending smart order routing system, which can be used stand-alone, or with the Modulus Exchange Solution for extended market making capabilities. This combination of innovation has been heralded as the most flexible liquidity solution in the digital exchange industry.
The revolutionary smart order routing system offers a complete aggregation and reconstruction of a global order book from multiple exchanges and liquidity providers. It also performs dynamic hedging of trades every fraction of a second, while offering plug-in capabilities for custom logic.
“Modulus does not mark up its liquidity solutions. We don’t engage in back-end deals or take kickbacks, either in the form of royalties or commissions, from providers. But, what’s truly revolutionary about this system is that it can be used as a stand-alone system for market making — or it can be used with our exchange solution to offer the most flexible market making system with minimal risk,” said Richard Gardner, CEO of Modulus. “That means that costs are lower and profit opportunities are higher whilst providing far more optimized architecture than anything else on the market, as it can leverage the full potential of the matching engine without any bottlenecks.”
The system is based on a swarm architecture, which runs multiple processes and bots in parallel. In essence, the Swarm™ smart order routing system aggregates a pool of liquidity from various exchanges and liquidity providers utilizing connectivity, such as web sockets, FIX 4.2, 4.4 and 5. The sources of liquidity are aggregated and reconstructed into a macro order-book and then streamed to the target exchange with programmable parameters.
“Like with all Modulus solutions, when liquidity is streamed into an exchange, nearly everything is customizable. From how the book is constructed and order sizes to the depth and width of spread, the solution is designed to fit the needs of the exchange operator. Custom strategies can even be developed when required, using a plugin to run scripts based on C++ or any other programming language,” explained Gardner. “Market makers can implement market making strategies on the source side to provide a more complex way of replicating order book price levels, TWAP , VWAP, and other such variables.”
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“It is important to note that this solution is best suited to latency exchange models with order books, working at a refresh rate speed of 100 milliseconds — which can be halved if the system is hosted on the same server as the matching engine. That’s why many use it in conjunction with the Modulus matching engine, but it is also offered as a standalone solution, as well,” noted Gardner.
Fidelity Bank to Raise U.S$500 Million for General Corporate Purposes
Fidelity Bank, Nigeria’s leading tier-II bank, is planning to raise US$500,000,000 from the international debt capital market through an unsecured note issuance, the bank disclosed in a statement filed with the Nigerian Exchange Limited on Monday.
According to the bank, the proceeds will be used for general corporate purposes and to support its trade finance business.
The proposed aggregate offer size is US$500 million, due 2026, which will when issued ranked parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the Bank. The lender intends to list the Notes on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the transaction.
“In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of planned investors meetings with respect to the Transaction scheduled to commence today October 18, 2021.
“The final decision to issue the Notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions,” the bank stated.
Nigerian Exchange Group Lists N1.964 Ordinary Shares at N16.15 Per Share on NGX
Nigerian Exchange Group on Friday listed 1,964,115,918 ordinary shares on the Nigerian Exchange Limited’s Main Board following the demutualisation of the Nigerian Stock Exchange.
The listing was after the Nigerian Exchange Limited approved the application of the group to list its entire issued and fully paid 1,964,115,918 ordinary shares of 50 Kobo each at N16.15 per share.
The Group trading symbol NGXGROUP.
Speaking on the listing, Mr. Oscar Onyema, the Chief Executive of NGX Group, said the listing had opened up new opportunities for the company.
He said, “The demutualisation of the Nigerian Stock Exchange created the opportunity to restructure and reposition the organisation to achieve our expanded vision to be the preferred and premier exchange hub for Nigerian businesses and the wider African economy.
“The most significant benefit of our listing on the NGX exchange is the ability it gives us to drive inorganic growth as we add new subsidiaries and business lines that complement our business. This new era is indeed very exciting for us and we look forward to many possibilities achievable from deepening our various partnerships.”
Stock Investors Gained N329 Billion as FBN Holdings Sustained Gains
Investors gained N329 billion at the Nigerian Exchange Limited (NSE) last week as stocks of Champion Breweries, FBN Holdings and others closed in the green.
During the week, investors traded 2.179 billion shares worth N21.963 billion in 22,438 deals, in contrast to a total of 2.187 billion shares valued at N16.183 billion that exchanged hands in 14,377 deals in the previous week.
In terms of volume traded, the Financial Services Industry led the activity chart with 1.770 billion shares valued at N18.058 billion traded in 12,942 deals. Therefore, contributing 81.20 percent and 82.22 percent to the total equity turnover volume and value, respectively.
The Conglomerates followed with 93.178 million shares worth N169.819 million in 736 deals. In third place was ICT Industry, with a turnover of 72.338 million shares worth N1.043 billion in 861 deals.
FBN Holdings Plc, Universal Insurance Plc and Fidelity Bank Plc were the three most traded stocks in the week, accounting for 1.161 billion shares worth N12.338 billion that were traded in 3,460 transactions during the week. The three contributed a combined 53.28 percent and 56.18 percent to the total equity turnover volume and value, respectively.
The market capitalisation of listed stocks gained N329 billion or 1.62 percent from N21.296 trillion recorded in the previous week to N21.625 trillion last week.
NSE All-Share Index appreciated by 1.39 percent or 569.79 index points to close at 41,438.15 index points last week, up from 40,868.36 index points recorded in the previous week.
Similarly, all other indices finished higher with the exception of NGX ASeM Index which closed flat. The exchange extended year-to-date return to 2.90 percent.
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