CEO Insight: Is your software IFRS compliant and FIX ready for the new NSE trading platform?
|FIX : Connectivity to the new NSE trading plaform
InfoWARE is happy to announce it has achieved development of a FIX implementation in preparation for connectivity to the Nigerian Stock Exchange new trading platform. The Financial Information eXchange (FIX) protocol is a non-proprietary, open source and public domain messaging standard for real-time exchange of electronic data on securities transactions. InfoWARE implemented the latest FIX version 5.1 required by NSE which introduced a new Transport Independence (TI) framework that separates the FIX Session protocol from the FIX Application protocol.
Work started on this almost 6 months ago and we have not only developed the client side but also a dummy servers side that simulates the exchange response to a FIX request from a client. This will enable us do extensive testing in-house even before the NSE is ready. So by the time we connect to the Exchange, we expect the process to be seamless as most issues/bugs would have been worked out from our code.
FIX will increase the efficiency of the Capital Market and apart from integration with our Equities order management system (OMS) we will also be integrating FIX directly to our online banking/E-Business suite which will enable our clients customers to directly place and execute trades online from anywhere in the world.
Our integrated two factor authentication technology will provide the security infrastructure to validate client mandates online and serve the function of a physically signed mandate but in a more secure and efficient manner. We have already shown our implementation to a select number of our customers and prospects and feedback so far has been very positive. A design of the implementation is shown in the diagram above.
IFRS Compliance Delivered
Is IFRS weighing you down? If you are an InfoWARE customer, you can set your worries aside. InfoWARE already has an IFRS and Complex Financial statements reporting module. As early as the first quarter of this year, we started our preparations for IFRS. We partnered with Business Intellectual Reserves one of the foremost authorities on IFRS in Nigeria today and trained all our staff on IFRS compliance then went through a process of implementing a fully IFRS compliant Income Statement and Balance Sheet.
We have further strengthened and improved on our IFRS/Financial statements module to enable our customers have a turnkey out of the box delivery for IFRS compliance which would save them tens of thousands to hundreds of thousands of dollars depending on size
We have further strengthened and improved on our IFRS/Financial statements module to
enable our customers have a turnkey out of the box delivery for IFRS compliance which would save them tens of thousands to hundreds of thousands of dollars depending on size
To find out more: InfoWARE is holding a CEO breakfast event free to bring our customers up to date on these and other developments. This event is invitation only and invitations have already been sent out. But if you will like to join, please send me an email before EOD Monday. Roadmap topics include
For more information contact us at Solutions@infowarelimited.com