Material name
Date
Material Type
Language
Format
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No liquidity segregation
The solution prevents liquidity segregation, creating orders in one of the books from two other books.
Implied Project
New functionality will connect the strategy and outright order books.
New functionality will connect the strategy and outright order books.
B3 is developing a new functionality named Implied, which will connect the strategy and the outright order books. The chief goal of the Implied Project is to increase market liquidity.
The project will have some phases and the first one is the launching of Implied In, generating orders in the strategy book based on outright orders.
The initiative gains even more relevance due to the recent increase in strategy trading, such as rollover, EDS (Exchange Defined Strategy) and UDS (User Defined Strategy).
Therefore, besides the books gaining more quality, new trading opportunities will be created. The new functionality will also improve product execution costs. Another benefit for the market is that the fee structure for structured products, such as EDS, will be more efficient and this can lead to a reduction in fees.
Sign up and follow up the project
Product benefits
More liquid and deeper order books
Trades being generated from orders based on other books mean more trades and greater product liquidity.
Lower execution cost
While more orders and trades are generated on the books, spreads will become narrower over time as there will be more investors participating in the market.
Efficient fee structure + Liquidity
When trading some strategies, such as EDS, costs are lower than trading via outrights. This, combined with high liquidity, enhances gains.
Learn more.
The Implied Project will bolster the strategy market, enabling greater operational efficiency and better total operating costs.
Implied In launching (generation of orders in the strategy book based on outright orders)
Implied In expansion for other products: Commodities, DIF (DI1 FRA) and DAF (DAP FRA)
Implied In expansion for FRC EDS (FRI and FRF)
Implied In expansion for UDS (User Defined Strategy)
Timeline
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10/28/2024
Start of Certification
Start of Certification - 1st phase
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12/09/2024
Go-live
Go Live - 1st phase
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04/30/2025
Other
Disclosure plan - 2nd phase
Technical details
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Catalog changes
Trade: Technical specifications for FIX and Binary EntryPoint, UMDF FIX/FAST, UMDF Conflated and UMDF Binary protocols and their dictionary/template files. Post-trading: External Code
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Main systems
Trading Engine, ePuma
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Main related functions
Execution Report and Market Data
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Certification roadmap
Mandatory and available
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What is the Sinacor version?
v24.3
