Finery Markets enhances its crypto ECN with new RFQ execution method
Date
10/2/2024 8:41:16 AM
(MENAFN- Finery Markets) Finery Markets, a leading non-custodial crypto ECN and a provider of SaaS trading solutions for institutional clients, announces the addition of a Request-for-Quote (RFQ) execution method. This new feature complements the existing order-book execution with firm quotes by global liquidity providers, establishing Finery Markets as the first hybrid crypto ECN. By integrating both order-driven and quote-driven markets, Finery Markets now offers customers the flexibility to choose their preferred execution method.
Konstantin Shulga, Finery Markets CEO, commented: "In trading, there is no one-size-fits-all solution. We believe that a hybrid model offers significant value to our customers. This approach combines the transparency and execution certainty of order-driven systems with the deep liquidity and minimal market impact of quote-driven models."
Since 2019, the firm order book at Finery Markets has been delivering continuous pricing sourced from a diverse range of global liquidity providers. By aggregating this liquidity, the ECN’s matching engine adheres to the principle of "best execution," ensuring optimal trade outcomes. Additionally, Finery Markets ECN provides 'no last look' execution, meaning that trades are executed without rejections from liquidity providers, even in rapidly changing market conditions.
In the newly added the Request For Quote (RFQ) mode, a buyer requests a quote for a specific volume of an asset pair and receives responses from multiple liquidity providers competing for the order. This execution method is particularly well-suited for large trades, as it helps minimize market impact, or for specific assets where continuous markets are unavailable.
Before launching the new hybrid mode ECN, Finery Markets relocated its trading servers to Amazon Web Services (AWS) in Japan. This strategic move aims to position the servers closer to the crypto price discovery center, thereby enhancing the processing and analysis of market data. The objective is to provide clients with a competitive edge while maintaining a secure and robust trading infrastructure.
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