Authentic Indication: Building Japan's First Encrypted IOI Platform

Building Japan’s First Encrypted IOI Platform

📊 QUICK STATS

12 months from concept to launch
5 broker partnerships secured
TSE endorsed with official MOU
Q4 2023 successful production launch

The Challenge

Institutional equity traders in Japan faced a critical problem:

Searching for block liquidity always leaked market-sensitive trading intent.

Traditional solutions were broken:

• Bloomberg IOIs get scraped, negatively affecting stock prices

• Dark pools allow market makers to detect price limits

• Result: Information leakage forces investors to trade at discounts

Major buy-side participants were refusing to advertise their flow.

The market needed something completely different.

[📸 COMPARISON DIAGRAM: Traditional IOIs vs. Authentic IOIs]

Our Solution

We built an encrypted IOI matching platform from scratch in 12 months.

Four Core Innovations

🔒 Encrypted IOI Matching

• End-to-end encryption keeps trading intent secure until match

• Zero information leakage to market participants

• Automatic routing to preferred executing brokers

🤖 AI-Driven Credibility Scoring

• Algorithms continuously monitor user behavior

• Dynamic credibility ratings for each participant

• Investors filter for quality counterparties

• Self-regulating marketplace

📱 Intuitive Swipe Interface

• Tinder-style matching for institutional trading

• Mobile-first design for professional traders

• Complex trading made simple and engaging

• Innovation championed by senior engineer Peter

💰 Mid-Price Execution

• Matched trades execute at market mid-price

• Orders execute on TSE’s ToSTNeT market

• Minimizes market impact

• Preserves confidentiality

Technology Stack

Built for enterprise scale and institutional reliability.

[📸 TECH STACK DIAGRAM]

Frontend

• React Native for cross-platform mobile

• Native performance on iOS and Android

• Consistent experience across devices

Backend

• Java Spring Framework for enterprise reliability

• RESTful API architecture

• Microservices for scalability

Security & AI

• Multi-layer encryption architecture

• Real-time matching engine (sub-second responses)

• Behavioral monitoring and credibility algorithms

• Continuous ML model refinement

Project Timeline

[📸 TIMELINE GRAPHIC]

Months 1-4: Architecture and Demo

• Architecture design and security framework

• UI/UX design and prototyping

• Built complete working platform with fake data

• Proof of concept demo for client and broker acquisition

Months 4-8: Core Platform

• Matching engine development

• Credibility scoring system

• Encryption implementation

Months 9-10: Integration

• TSE connectivity

• 5 broker integrations

• Security audits

Months 11-12: Launch

• Testing and QA

• Compliance verification

• Production deployment

Results & Impact

📊 BY THE NUMBERS

5 major broker partnerships1 Tokyo Stock Exchange MOUQ4 2023 successful launchZero information leakage incidents

Market Recognition

Tokyo Stock Exchange Partnership

• Signed MOU in January 2025

• TSE publicly supporting platform mission

• CEO presented at TSE-hosted webinar in March 2025

[📸 PARTNER LOGOS: TSE, SMBC, Jefferies, CLSA, Standard Chartered, Phillip Securities Japan]

Platform Achievement

Industry firsts for the Japanese market:

• Fully encrypted IOI matching without broker intermediation

• AI-driven credibility scoring for counterparty selection

• Mobile-first interface for institutional block trading

Real institutional participation with zero security incidents post-launch.

Technical Excellence

How we solved complex challenges:

ChallengeSolutionReal-time encryption at scaleOptimized encryption schemes with efficient key management enabling sub-second search resultsMobile-first fintech trustReact Native + intuitive UX made institutional trading accessible on mobileAI behavior scoring accuracyAdaptive ML models with continuous learning and safeguards against gamingMultiple broker API complexityFlexible abstraction layer allowing seamless integration with any broker

The Team

Project LeadFrederic Levesque, Chief Software Architect

Development Team

• 4 full-time software developers

• 1 UI/UX designer (Tokyo office)

• 1 frontend development intern

Timeline: 12 months from concept to production

Collaboration: Close partnership with client’s domain experts throughout development

[📸 OPTIONAL: Team structure visual or photo]

Client Leadership

The Authentic Indication team brought deep institutional trading expertise:

Gordon Niamatali, CEO18 years investment banking in AsiaFormer head of Equity Execution Services, Citigroup Japan

Jan Schiffman, CTO30+ years FinTech and enterprise softwareFormer VP Analytics & Data Science, TIBCO/Oracle

Masashi Sato, COO20+ years Equity Electronic ExecutionCitigroup, Morgan Stanley, Societe Generale

[📸 OPTIONAL: Leadership headshots if available]

Why This Project Succeeded

Security-First ArchitectureEncryption built into foundation, not bolted on later.

Mobile-First DesignConsumer UX successfully applied to institutional trading.

Deep Domain ExpertiseClient’s decades of trading experience guided development.

Technical ExcellenceRight technology stack (Java Spring + React Native) for the problem.

Strategic TimingLaunched with TSE support in evolving FinTech landscape.

Project Specifications

AttributeDetailsTimeline12 months (2023)Team Size6 members (4 devs, 1 designer, 1 intern)FrontendReact NativeBackendJava Spring FrameworkArchitectureRESTful APIs, MicroservicesSecurityEnd-to-end encryption, Multi-layerLaunch DateQ4 2023MarketListed equity securities in JapanIntegrationsTSE + 5 major executing brokers

About Authentic Indication

Authentic Indication K.K. is a Japanese startup founded in 2022, providing IOI services for Japanese stocks.

Platform features:

• Highly confidential IOI matching using advanced encryption

• No dedicated terminals required (web-based access)

• No access fees (charges only on executed orders)

Website: https://aboutus.authenticindication.com/

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Case study prepared for portfolio and business development purposes. Technical implementation details are accurate as of project completion in Q4 2023. Specific security implementations and proprietary algorithm details remain confidential per client agreement.