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.
About Finery Markets
Finery Markets, the premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 35 countries. We seamlessly connect clients across North America, Europe, Asia, LatAm, and Africa.
Finery Markets offers the first hybrid, crypto-native ECN that allows trading through an aggregated order book or RFQ.
Since our launch in 2019, we have been growing our ecosystem, serving 150+ digital asset clients, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players by offering them effortless connectivity to an extensive network of partners. Our services enhance capital efficiency, ensure optimal execution, assist in risk management, and simplify settlement processes.
Finery Markets is the first crypto ECN to receive the SOC 2 Type 1 certification. In 2024, Finery Markets was selected as one of the top 50 rising stars in the Deloitte Technology Fast 50 competition.
Finery Markets hosts “The Flow”, a C-level institutional crypto podcast that explores the development of the digital assets market structure.