Finery Markets Bridges CryptoTrading Gap With Wintermute Partnership
Global
algorithmic trading firm Wintermute has completed its first Request for Quote
(RFQ) trade on Finery Markets’ institutional crypto trading platform. The
partnership establishes a hybrid trading model combining traditional order
books with RFQ capabilities for institutional clients
Wintermute Executes First
RFQ Trade on Finery Markets’ Crypto ECN Platform
The
execution establishes Finery Markets as the only cryptocurrency-native
Electronic Communication Network (ECN) offering both RFQ and traditional order
book trading mechanisms for institutional clients. This model aims to combine
the transparency of order-driven systems with the liquidity benefits of
quote-driven trading.
“Wintermute
was a top choice for introducing the RFQ trading method through our ECN,” Konstantin
Shulga, Finery Markets CEO, commented. “With the launch of RFQ, we are
confident that our unique hybrid trading model offers the best of both worlds,
combining the transparency and execution certainty of order-driven systems with
the deep liquidity and minimal market impact characteristic of quote-driven
models.”
RFQ is a
trading process where market participants request price quotes from specific
liquidity providers for a particular financial instrument. The quote is
executable exclusively by the requesting party, creating a direct interaction
between the buyer and seller.
The
partnership comes amid substantial growth in over-the-counter (OTC)
cryptocurrency trading, with Finery Markets reporting an 89% year-over-year
increase in spot transactions during the first nine months of 2024.
“By
combining our extensive liquidity solutions across hundreds of digital assets
with Finery’s ECN, we’re well positioned to support market participants in
achieving higher quality trading and more efficient execution,” Wintermute CEO
Evgeny Gaevoy added.
The
collaboration leverages Wintermute’s
presence in digital asset markets, where it maintains trading relationships
across more than 60 exchanges and processes billions in daily volume. Since
July, the company is offering more than 350 crypto pairs to traditional finance
thanks
to the integration of oneZero’s EcoSystem.
Institutional Crypto
Trading Explodes in 2024
The
institutional over-the-counter (OTC) cryptocurrency market witnessed
substantial growth in the first half of 2024, with total spot transaction
volumes increasing
by 95% year-over-year. A recent report from Finery Markets, which analyzed
two million institutional spot trades, indicates a rising interest in digital
assets among institutional investors. This growth coincides with the recent
approval of crypto-based investment vehicles, such as the successful launch of
a Bitcoin ETF.
Ethereum,
the second-largest cryptocurrency by market cap, saw its trading volumes
increase by 32% in the first half of 2024 compared to the same period in 2023.
Anticipated approvals of Ethereum ETFs are likely to stimulate institutional interest further.
Additionally,
the provider of non-custodial crypto ECN and SaaS trading platforms, announced
a partnership with technology and digital asset liquidity provider Stillman
Digital. This collaboration aims to expand Finery Markets’ network of
global liquidity providers and enhance trading options for institutional
clients.
This article was written by Damian Chmiel at www.financemagnates.com.