WILMINGTON, DE / ACCESSWIRE / June 11, 2019 / IOB LLC, a leading anti-fraud platform in global financial markets, is pleased to announce that Yale ReiSoleil, CEO, has received the copyright approval for the “Technical Whitepaper: Proof of Enquiries & Trades (PoET)” from the US Copyright Office with the Registration Number TX0008731033.
The Paper was first published at https://sip.iob.llc/#/post/4028e2a76aa0dc15016abd7abee60331 on May 16, 2019. It serves as a roadmap for the technical development of PoET among IOB’s US, China, and German offices.
Proof of Enquiries & Trades (PoET) is a compliance trading dApp initially integrated on multiple blockchains and is being upgraded into the decentralized Mesh Network. PoET captures and records every order that was ever sent to an exchange, whether it was eventually filled or canceled.
“In 2018, approximately 96% of all orders were canceled on both NYSE and NASDAQ. Most market participants are only given a tiny slice of the data. Almost no one has seen the full picture of the market,” said Yale ReiSoleil. “Much of the market manipulations are caused by unfilled orders, yet they are largely omitted from the historical market data most investors and traders use.’
It is estimated that as much as 75% of all the orders in the stock market are sent and canceled by automated algorithmic trading programs operated by less than 10% of all traders. The charts and market data from various exchanges represent only the tip of the iceberg.
“It is impossible for investors to design effective trading strategies when almost 97% of the orders are ‘missing’ from their market data. Furthermore, it is challenging for regulators to have a full picture of all that is happening in the markets when less than 3% of the trading data is public.,” added Uwe Zimmer, CEO of IOB Mesh Technology GmbH in Cologne, Germany. “Only when we have all of these elements of reported trades and all the canceled orders in one place can we see the market and ensure fair play.”
Market Data Solution
Market manipulations and cheating have now reached epidemic proportions. Even with increased government crackdowns, cheating due to a lack of market transparency is becoming more and more prevalent as large numbers of transactions take place in the ‘background’ and on unregulated trading platforms. Thus, hundreds, if not thousands, of cryptocurrency “exchanges” worldwide are directly involved in widely-evident market manipulations. Added to this, non-stop hack breaches by both insiders and outsiders of those exchanges have resulted in hundreds, and possibly billions, of dollars in investors’ losses. Both institutional and individual traders, therefore, need to have more tools and information to make defensive and protective decisions. Government and cross-jurisdiction regulators are committed to having a full picture of the markets.
The independent data contributors such as companies and individuals with stock and futures exchange seats and data subscription agreements will join the PoET protocol data suppliers’ program. Data suppliers are paid through a smart contract automatically for their data contributions, and their hashed data are recorded on multiple blockchains.
Ultimately, more than one copy of the same exchange order book data for the same instrument/trading pair is available. This becomes a key feature and advantage to the PoET protocol.
IOB group of companies are developing financial data post-processing software with the nano-second capability to assemble, compare and construct a more complete and ‘truer’ version of the market order history. PoET tries to reconstruct and restore the entire market activities with forensic precision. It aims to make regulatory compliance and enforcement easy and cost-effective.
The 111-page Technical Whitepaper lays out a detailed technical framework for developing a distributed ledger technology solution to record every price and order enquiry ever sent – whether filled or not – and every trade ever executed on an immutable distributed public ledger, the IOB Proof of Enquiries & Trades (PoET) protocol.
About IOB LLC
IOB (www.iob.llc) is a leading anti-fraud platform that focuses on financial market fraud detection, reporting, and analytics.
IOB develops the Proof of Enquiries & Trades (PoET) compliance trading protocol integrated on multiple blockchains. IOB leverages its founders’ groundbreaking technologies and experience in ultra-high-frequency trading system development in the past 10 years to help stop the common, evolving and emerging methods used in financial market manipulations.
The proprietary market data processing technologies developed by IOB will provide a complete record of all market order enquiring and trading activities to market regulators, broker-dealers, market makers, funds, professional traders, and all other market participants who are involved in the stock, commodity and financial futures markets, as well as in the nascent crypto exchanges, around the world.
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SOURCE: IOB llc
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