OTCXN, a blockchain-powered capital markets infrastructure company has announced that it went live last week with its proprietary LiquiMatch FX trading venue.
OTCXN’s unique ECN, LiquiMatch FX, is an institutional-only foreign exchange dark pool embedded in a lit pool, providing users with multiple trading options simultaneously. With no visible book or ticker, dark pool users will be able to trade without broadcasting their activity to the visible markets. Users greatly minimize their impact on the market while reducing slippage. When users wish to show their liquidity, they can do so by sending lit orders to the combined book.
Already on board are major liquidity providers as well as multiple Tier-1 Banks serving as Prime Broker to support their clients’ buy-side trading activity along with their bank’s treasury operations.
“We are extremely pleased to announce the launch of LiquiMatch FX ECN for credit-based Spot FX trading and first live trading with major market participants. Initially, all trading is based on Prime Broker provided credit and limited to other prime-broked counterparties, but we are confident that OTCXN will, in the future, deliver much greater reach to new trading counterparties using its blockchain-powered infrastructure for the benefit of our supporting Prime Brokers and our mutual trading clients,” said Rosario Ingargiola, CEO and Founder of OTCXN.
“We have signed up a large group of institutional market participants and are excited to have such prestigious clients join our trading venue,” said David Ogg, Head of FX and Trading Venues.
LiquiMatch FX is hosted in Equinix NY4 with FIX API and user-interface access. Clients can co-locate and physically cross-connect in NY4 via Lucera. OTCXN will soon roll out its blockchain-powered infrastructure to allow institutional clients with a Prime Broker to trade FX with counterparties who are not prime-broked, but without trading counterparty or settlement risk. OTCXN already enables this risk mitigation in the clearing and settlement of crypto currency and other digital asset trading.