How is Stater Blockchain planning to use blockchain and distributed ledger technologies to transform the Prime of Prime industry?
We have a number of products in the pipeline which solve issues with the existing infrastructure, resulting in time efficiencies, cost savings and a smarter way of working. Our initial plans include a Smart KYC product and a Smart Settlements product.
Our Smart KYC product will significantly reduce the time needed to on-board a client. It will enable new clients to submit digital identification and brokers to quickly verify the information which will be stored in a central database. Importantly, brokers that adopt the system will be able to leverage each other’s KYC process for the collective benefit of the network.
Our Smart Settlements product addresses an issue with the current Clearing process. As a Matched Principal broker we have three different parties to interact with – the client, Prime Brokers and Liquidity Providers - across different technology platforms and multiple levels of reconciliations. There can be delays and errors in the transactions or communications from any or all three parties. Our product will simplify and speed up this process.
How do you see the Stater Blockchain business evolving?
We are looking at a number of different ways to accelerate our growth and increase our team of blockchain technologists including through mergers, acquisitions and partnerships. The potential for this business is huge.
What are the advantages to Stater Global Markets’ clients?
There are mutual benefits for both businesses. Stater Global Markets’ clients will have access to increased efficiencies and cost savings through Stater Blockchain products. Stater Blockchain will have an existing audience and contacts for key products through Stater Global Markets.
Stater Global Markets provides further choice to clients
Ramy Soliman is also CEO of Stater Global Markets and tells us about the continued evolution of Stater Global Markets and the latest developments at the London-headquartered firm.
How do you juggle the two roles, CEO of Stater Global Markets and CEO of Stater Blockchain?
There are strong synergies between the two businesses and advantages to both businesses that I have a dual role at a strategic level. In particular, it is key for both businesses that I have an in-depth understanding of the market and am knowledgeable about the very latest developments in technology for our industry. In terms of my time, I give each business the priority as required. Stater Global Markets operates within a regulated market and my focus is very much on refining and expanding our product and growing a credible business within an established, rigid framework. Stater Blockchain stimulates a completely different aspect of my brain – it is a much more ‘free-thinking’ business, with the opportunity to create new products which will completely transform the landscape we are operating in.
Do you have a cryptocurrency offering?
We have been talking to a number of cryptocurrency providers over recent months and are planning an institutional calibre offering across a range of cryptocurrencies. We will only launch this when we can provide a robust, scalable solution for clients requiring institutional size digital currencies – but it is certainly in our plans to launch over the coming months.
What are the latest developments at Stater Global Markets?
We have added FastMatch and Hotspot to our list of trading venues. This gives our institutional clients even more options for accessing large pools of diversified liquidity. Our clients now have access to a wide choice of trading venues and front-end platforms including Currenex, Integral, Flextrade, PrimeXM, FastMatch, Hotspot, MT4 and MT5. We are continually evolving our offering to ensure that we remain a market-leading Prime of Prime and can offer flexibility, quality and a breadth of services to clients.
How are your global growth plans evolving?
Stater’s Operations Manager, Wei Xu recently spent time in Asia as, like others in our industry, Stater is keen to seize opportunities from the market growth in the region. We are seeing particular interest from hedge funds and banks in addition to retail brokers. The combination of being regulated by the FCA and having a broad range of multi-asset products and services aimed at different segments of the market is proving to be of great interest to ambitious firms across Asia.
For more information, please visit www.staterblockchain.com