Newsletter, September 22nd
Another working week is finished, time to go through it.
Exchange
We got a new version of the exchange, it was thoroughly checked, and we are proud to say, that everything works the way it should. This means the end of Phase 1, and preparation for Phase 2! At the moment we are looking for a firm, here in Bulgaria, that can do a security audit for us. As well as planning how to attract white hackers to search for vulnerabilities, so we can minimize risks at launch.
Business
As mentioned earlier, we are preparing the 2nd version of the exchange. And the premise of this version will be to provide the choice between a “network” of 2 market makers. Users will be able to choose with which one they want to trade with. Therefore one of the steps is finding good liquidity providers for this new market maker. So this Friday we had a meeting with LP which will give us access to…* drumroll *… more 50k instruments worldwide including stocks and futures!! It gives direct market access (DMA) to REAL stocks, futures, options etc. However, this ultimately means that you will not be able to buy a fraction of stock (you cant buy 10USD of APPL you will have to get a whole stock).
Example: if you decide to trade the DAX futures, you have the choice between the normal or mini contract. Even the mini contract is hardly accessible to everyone with 5 EUR / per point and a high margin requirement. This means if you only have 100EUR on your account, not only it can get wiped out pretty easily, but also you could not even trade it because of the margin requirement above your deposit.
Unlike DMA where the minimal amount is one stock, if you trade CFDs you can buy 10 USD of AAPL “stock”. That is why we still need to find 3rd LP for a 3rd MM which will be able to provide us with CFDs on stocks. As we understand not everyone would like to trade on DMA.
This is all for now, feel free to ask us any question concerning the development of the project on our telegram groups. See you next week!
Vsevolod.
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