Meet Our Founder
Joseph Wang has invested more than 10 years in software design. He has been at the forefront in the development and installation of foreign exchange, equities and options trading systems.
Mr. Wang's software background includes extensive work in the disciplines of market data, external connectivity, performance optimization, credit systems and options pricing models.
Prior to starting IO-Works, he was a consultant at FX Alliance where he led the development of the QuickFill trading system and the Accelor ECN. For QuickFill, he developed the internal infrastructure as well as the order management and matching engine. $6 billion dollars per day are trading on QuickFill, making it one of the most successful trading platforms. For Accelor, he designed the market data and pre-trade credit systems. Presently, Accelor accounts for more than $1 billion dollars per day in trading.
Previous to his time at FX Alliance, he developed the printing infrastructure for Columbia University. The system has proven to be robust, easy to use, and cost saving. Before his development work at Columbia University, he was a consultant at Tallan where he implemented numerous e-commerce solutions for Barnes and Noble, Exchange Path, Zany Brainy, and Dick Sporting Goods. Mr. Wang earned B.S. in Computer Engineering from Columbia University.
How It All Began
It was the above query from a director of a hedge fund, trading $6 Billion per month, to IO-Works founder Joe Wang that led to the creation of FX-Works.
The installation of the evolutionary FX-Works platform provided the client a comprehensive solution to some of the most glaring inefficiencies facing buy side traders.
Network Hop
IO-Works removed the extra network hop introduced by the ASP aggregator. Connecting directly to the ECN, resulted in the rejection rate falling from 40% to less than 20% on the ECN.
Stale Pricing
IO-Works eliminated the use of stale prices as part of a custom solution. As a result, the client received cleaner market data which allowed for more accurate trading decisions.
Slow Order Processing
IO-Works lowered the 50ms processing time on their former platform to less than 1ms. The reduced time enabled the client to hit a greater percentage of trades.
