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.
Stanbic IBTC Holdings to Release Audited 2021 Half Results in August 2021
Stanbic IBTC Holdings Plc, one of the leading banks in Nigeria, on Wednesday announced its Board of Directors has decided to audit the Half Year Financial Results of the bank.
The bank announced in a statement signed by Chidi Okezie, Company Secretary.
According to the bank, the Audited Results for the Half Year Ended 30 June 2021 will be released not later than 29, August 2021 after the Central Bank of Nigeria has approved it.
The statement reads, “Having duly notified NGX RegCo of this development, the Management of Stanbic IBTC wishes to notify the investing public that the Company will aim to publish its 2021 Audited Half Year Results on or before 29 August 2021 in accordance with the extant Rules of NGX Regulation Limited as cited above.
“Thank you for your understanding. For any enquiry, please contact Chidi Okezie, Group Company Secretary – Email: firstname.lastname@example.org or Idris Toriola, Head Investor Relations – Email: email@example.com; Tel +234 422 8501”
Equities Market Closes in Red on Monday
The Nigerian Exchange Limited extended its bearish trend on Monday as several unclear economic policies continue to dictate market sentiment.
Investors traded 209,212,596 shares estimated at N1.763 billion during the trading hours of Monday.
Market value of listed equities dipped to N20.089 trillion on Monday, while the Nigerian Exchange Limited All-Share Index lost 0.27 percent 38545.30 index points.
Meyer Plc led gainers with 8.77 percent to close at N0.57 a share. This was followed by Champion Brew. Plc with 6.06 percent. See the details below.
|MEYER||N 0.57||N 0.62||0.05||8.77 %|
|CHAMPION||N 1.98||N 2.10||0.12||6.06 %|
|JBERGER||N 19.10||N 20.00||0.90||4.71 %|
|REGALINS||N 0.50||N 0.52||0.02||4.00 %|
|IKEJAHOTEL||N 0.94||N 0.97||0.03||3.19 %|
|FIDSON||N 5.10||N 4.60||-0.50||-9.80 %|
|LASACO||N 1.50||N 1.36||-0.14||-9.33 %|
|FTNCOCOA||N 0.33||N 0.30||-0.03||-9.09 %|
|MBENEFIT||N 0.45||N 0.41||-0.04||-8.89 %|
|CORNERST||N 0.58||N 0.55||-0.03||-5.17 %|
FG To Auction Three Bonds Worth 50B Each This Week
The Debt Management Office has said that the Nigerian government will offer N150 billion bonds for subscription in June.
The bonds comprised three bonds worth N50bn each, a circular said Friday.
The DMO said the bonds will be auctioned on June 23 and all three have the same date for settlement.
The bonds are a 10-year re-opening bond to be offered at the rate of 16.2884 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent with the maturity date of March 2035; and a 30-year re-opening bond to be offered at 12.98 percent and mature in March 2050.
FGN Bonds are “backed by the full faith and credit of the Federal Government of Nigeria”, the DMO said, adding that they are equally charged upon the general assets of Nigeria.
The debt office explained further that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.
For re-openings of previously issued bonds where the coupon is already set, the circular said successful bidders would pay a price corresponding to the yield to maturity bid that cleared the volume being auctioned, plus any accrued interests on the instrument.
Last month, the DMO offered similar bonds of N150bn bonds for a subscription which comprised three bonds worth N50bn each.
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