Institutional traders turning to new breed
of crypto execution-only electronic communication
networks (ECNs) due to breakthrough speed and performance
LONDON, April 25,
2024 /PRNewswire/ -- Crossover Markets Group, Inc., a
digital asset technology firm focused on meeting the unique
liquidity requirements of institutions, today announced several key
performance indicators from Q1 trading on its flagship digital
assets platform CROSSx.
Crossover's Q1 2024 Highlights:
- CROSSx executed $3,153,752,406 in
notional trading volume
- CROSSx executed 415,450 trades
- CROSSx processed over 141 billion quotes
CROSSx Q1 execution times, using industry standard
measurements, were:
- Order to acki - 75% below 7μsec and 99% below
10μsec
- Order to feedii - 75% below 8μsec and 99% below
11μsec
"After several quarters of consistent growth, we are thrilled to
report CROSSx data that reveals we are the fastest venue and among
the fastest-growing institutional venues in the digital world,"
said Brandon Mulvihill,
Co-Founder and CEO of Crossover Markets.
Mulvihill added, "Our growth is also driving continued increases
in the percentages of trades that are 'Order Crossing Order' (OXO).
Currently, roughly 10% of all trades executed on CROSSx are OXO,
another differentiator in our platform's capacity. This capacity
and our unique execution model provide value to both the market
maker and taker, as evidenced by our commercial model."
Crossover Co-Founder and Chief Commercial Officer
Anthony Mazzarese added,
"CROSSx's hybrid ECN model allows quote-driven OTC market makers to
stream liquidity into our order book alongside makers and takers
who are posting both passive and aggressive orders for OXO
matching. Supporting both quote-driven and order-to-order matching
on a single venue, in a single trading session, is unique in the
market, and enables takers to interact with market makers' quotes
or cross with another taker while trading inside makers' spreads,
ultimately achieving the best possible price."
Mazzarese continued, "This pricing power is driving more trading
activity, and the top three types of participants on the platform
to date are institutions running electronic trading strategies,
market makers looking to hedge their inventory and retail brokers.
Clients can choose whether they would like to interact with
quote-driven or firm liquidity – or both – while makers have the
ability to customize different price streams for different trading
strategies. All of this is offered to CROSSx participants within
single-digit microsecond matching times, making us the fastest
crypto venue in the market."
About Crossover Markets
Crossover Markets is a digital asset trading technology firm
focused on meeting the unique liquidity requirements of
institutions in the cryptocurrency markets. CROSSx,
the company's execution-only cryptocurrency Electronic
Communication Network (ECN), is powered by the industry's fastest
and most advanced matching engine and includes order logic that
enables clients to choose whom they want to trade with. Led by a
team with decades of FX trading, prime brokerage technology and
artificial intelligence experience, Crossover is ushering the next
big wave of institutions in the crypto market. For
more information, visit www.crossovermarkets.com.
Media Contact
Jennifer
Berlin
Forefront Communications for Crossover
crossover@forefrontcomms.com
+44 (0) 7375 288 641
i *Order to Ack – the time it takes to match a trade
and report the acknowledgement of the trade execution to relevant
parties.
ii **Order to Feed – the time it takes for an order
to be represented in the market data.
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SOURCE Crossover Markets