Diversified financial technology company Exxe Group Inc has varied interests in agriculture, real estate, architectural designs, automotive, media, medical and trading technology. Yesterday, the company was in the news after it announced that it had signed a definitive letter of intent with a United Kingdom-based technology company for the purpose of implementing an algorithmic proprietary trading platform.
The implementation would be done at scale and marks a major milestone for Exxe as a company. The transaction with the UK-based company is going to be closed in April this year. As per the provisions of the deal between the two parties, the letter of intent in question is multi-level.
It is going to involve the development and deployment of advanced technology for the creation of the trading platform. The platform would also feature a number of algorithms to enable programmatic trading. The two companies are going to share the profits on a 50-50 basis and the initial annual trading volume target was set at $50 million.
The UK-based technology partner is a seasoned hand in this particular sector and over the past decade, it developed and deployed as many as three such algorithmic trading systems, in addition to a solitary semi-automated algorithmic trading system.
The system that would be implemented and scaled up as per the letter of intent has already been fully tested and more than 10,000 market-level trades had already been completed with it over the course of the past six months.
The terms of the agreement between the two parties are success oriented. The Chief Executive Officer of Exxe Group Dr. Eduard Nazmiev spoke about the latest development as well. He noted that the company was happy to have partnered with an entity with a proven track record in developing such complex algorithmic trading systems.