Investor Presentaiton

New Trading Models THE Nigerian STOCK EXCHANGE 30 <<#> 888 24.com <m> 18-Junel-2013 по 08 Algorithmic Trading . Algorithmic trading, also called automated trading, black-box trading, or algo trading, is the use of electronic platforms for entering trading orders with an algorithm which executes pre-programmed trading instructions whose variables may include timing, price, or quantity of the order, or in many cases initiating the order without human intervention Customer Driven Electronic Trading Buyers and sellers of securities are provided with electronic access to trade in the market by their broker dealers via tools that are easily accessible and appropriate to support the customer business. Institutional investors are provided with terminals that link up to the broker dealer order management system while retail investors are provided with access to trade via the internet using a smartphone, tablet device or a traditional computer Direct Market Access • This refers to granting institutional investors (known as the buy side) and other traders wishing to trade in securities access to do so directly from the information technology system of their broker-dealer firms to the Exchange's order book, rather than the normal trading method of the buy-side companies passing their orders to the broker- dealer firms trading desk for execution. The technique is often combined with HFT High Frequency Trading • ' High-frequency trading (HFT) is the use of sophisticated technological tools and computer algorithms to rapidly trade securities (a form of Algo trading). HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. By 2009, HFT accounted for 61% of the US trading market share, but has since reduced to 51% in 2012 The Nigerian Stock Exchange 7

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