X-GEN Transmits 2.5 Gigabyte Data Per Day


The X-Gen, the official trading platform of The Nigerian Stock Exchange, NSE transmits a total data volume of 2.5 gigabyte per day.

The X-Gen was built in 2013 in collaboration with the National Association of Securities Dealers Automated Quotations System, NASDAQ. The X-Gen is Nigeria’s first electronic exchange platform, where investors can buy and sell stocks traded on the NSE.

The X-GEN is uses the FIX protocol, the widely acceptable data protocol accepted by data vending systems across the globe. The Financial Information eXchange (FIX) protocol is an electronic communications protocol initiated in 1992 for international real-time exchange of information related to the securities transactions and markets.

This information was disclosed in the announcement of the upcoming First Market Data Workshop organised by the NSE. The workshop will take place tomorrow, 18th of October, 2016.

The Exchange said in the statement announcing the workshop that “X-Gen is not only built to trade a wide range of securities, it is extendable to multiple interfaces for the consumption of market data. It is this system that we rely on daily to deliver approximately 2.5GB worth of data to our various domestic and global market data consumers”.

The importance of access to transparent, timely and accurate market data cannot be over-emphasised. Local and foreign investors rely on it to make investment decisions. The major weak link in the data usage process has been said to be retail end of the market. Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo, told CNBC in an interview that retail investors are not using data the way they should in making sound investment decisions.

In 2012, the NSE took over the control and management of its market data. The decision required the NSE to use its local resources and know-how to provide market data to data vendors. Till date, The Exchange now has over 20 data providers.

The Exchange said it is looking at ensuring data gets to those who need it including retail investors, institutional investors, fund managers, market makers and stock brokers.

The NSE will be launching several data products at the workshop. Some of the data products will be gearing towards access via mobile and seamless experience.

Bajomo explained that the NSE will be looking at increasing data latency- which is how quick market data and information can be moved from one point to another, looking at artificial intelligence etc.

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