Day: June 27, 2018

OTCXN Completes Test Trade Between Fiat, Cryptocurrency

OTC Exchange Network (OTCXN), a blockchain-powered capital markets infrastructure company, today announced that it completed its first live test trades for the exchange of tokenised fiat currency and bitcoin.

The infrastructure provider says that it believes this to be the first time that tokenised US dollars and tokenised bitcoin have been exchanges between two separate trading accounts over an electronic trading platform with assets held in safekeeping at a neutral custodian and digitised on blockchain.

Currently, institutional traders usually conduct block trades of fiat currency and cryptocurrency over e-mail and chat, relying on the reputation and credibility of their counterparties to honor their part of the trades, often taking hours to confirm and settle. The OTCXN platform aims to remove trading counterparty and settlement risk with an atomic exchange of assets on high-performance blockchain and facilitates settlement of transactions instantly, not in hours or days.

Ardizzone Joins Mercury Exchange

Matt Ardizzone has joined Mercury Exchange, a new digital asset exchange, as head of liquidity and relationship management.
Mercury Exchange is set to launch in Q4, delivering what it terms an industrial strength exchange focused on the institutional market.
Most recently Ardizzone was global head of FX sales at RJO’Brien, and prior to that held several senior and leadership positions at Nomura and Jefferies Bache (formerly Prudential Bache).
The firm says he will draw on his expertise to develop deep liquidity and build out the institutional platform at Mercury Exchange.

Cobalt Unveils Its New Credit Platform

Cobalt, the shared back and middle office FX infrastructure provider, has unveiled its new credit management platform.

One of the issues that this credit engine attempts to solve for the market is the challenge faced by credit providers. Over the last ten years the number of prime brokers in the FX market has shrunk, in part because the risk of suffering a major loss from a defaulting client has in some cases failed to justify returns.

According to Cobalt, this risk is driven by the inability to allocate and manage credit at FX trading venues in real-time, meaning the party with the credit risk is often the last to know. By enabling central real-time credit management, the Cobalt claims that its platform overcomes these issues entirely.

FX Brokerage Announces Raft of Senior Hires

DeepWell Liquidity Management, a London-based agency broker, has added seven senior market professionals to its team across three continents as it eyes growth and expansion into different asset classes.

Launched in September 2017 as a subsidiary of Tradition, DeepWell offers global coverage across a range of OTC and exchange-traded FX products, including spot, forwards, options and futures.

The broker says that it has experienced high demand for its bespoke service from buy-side institutions and investors since launch, and now employs 15 staff members across Europe, Americas and Asia Pacific. The new hires will be based in London, New York, Singapore and Sydney.