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Finery Markets launches an industry-first firm OTC liquidity pool with toxic flow protection, partnering with prime broker Hidden Road

January 25, 2024

Finery Markets, a leading non-custodial crypto ECN and provider of trading infrastructure for institutional players, has officially announced its partnership with Hidden Road Partners (Hidden Road) through its flagship solution, FM Liquidity Match. Institutional participants have begun trading via FM Liquidity Match in crypto spot transactions, with Hidden Road serving as a prime broker for these trades. 

FM Liquidity Match provides Hidden Road customers with easy electronic access to robust  institutional OTC liquidity, ensuring high-quality execution while protecting against toxic flow. Within FM Liquidity Match, Hidden Road clients can trade anonymously, while Hidden Road ensures efficient credit intermediation and post-trade settlement.

FM Liquidity Match is available through a GUI or API (FIX 4.4, REST, or WebSocket), and boasts an array of cutting-edge features that will elevate the institutional trading experience to a whole new level. These features include: 

  • Anonymous trading with firm liquidity pool (no “last look”) for liquidity takers and toxic flow protection for market makers
  • A seamless electronic onboarding process 
  • A role-based access system 
  • Pre-trade risk management controls and customizable risk limits 
  • Flexible post-trade settlement and travel-rule compliant reporting 

"We are excited to announce that we have expanded our partnership with Hidden Road, a leading prime broker for digital assets. Through their role as a prime broker via FM Liquidity Match, Hidden Road now offers their customers the first OTC trading infrastructure that provides ‘no last look’ execution for liquidity takers, while also offering toxic flow protection for market makers,” said Konstantin Shulga, co-founder and CEO of Finery Markets.

“Hidden Road is committed to offering our clients a comprehensive range of tools, both through our own products and in collaboration with trusted partners. We are pleased to announce that Finery Markets' venue has joined our list of execution venues, extending Hidden Road's credit network and OTC prime brokerage offering. This partnership exemplifies our dedication to empowering clients to select their preferred price discovery centers and liquidity solutions. We believe that Finery Markets’ unique offering is a valuable addition to our network,” said Michael Higgins, Global Head of Business Development at Hidden Road.

"We are delighted to announce our collaboration as a launch partner with Finery Markets and Hidden Road, offering competitive quotes to a wide range of institutional clients through FM Liquidity Match. This strategic partnership presents exciting prospects for anonymous trading within a vast pool of institutional clients, enabling us to broaden our market presence," - said Boris Sebosik, Head of OTC at Wincent

Michael Rabkin, head of global business development at DV Chain added: “The collaboration between Finery Markets and Hidden Road presents an exciting opportunity to enhance our liquidity provisioning capabilities by broadening our network of institutinal counterparties. We have noticed a growing trend towards a more sophisticated prime-brokerage structure in the crypto space, a concept that has long been established in traditional finance. By incorporating a prime brokerage model through FM Liquidity Match into our global offerings, we can further strengthen our position as a leading provider of institutional crypto liquidity”.

About Finery Markets 

Finery Markets, a premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 30 countries. We seamlessly connect clients across LATAM, North America, Europe, Asia, and Africa.

Since our launch in 2019, we have been growing our ecosystem, serving 100+ digital asset players, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players and provide them with seamless access to a vast network of partners, enabling them to navigate their operations smoothly and efficiently. 

Our goal is to power trading technology behind world's leading brokers, exchanges, OTC desks, payment providers and custodians via:

 1. Providing institutional-grade crypto-native infrastructure with proprietary matching engine

 2. Enhancing execution quality & liquidity with access to global liquidity providers

 3. Minimizing counterparty risks with sophisticated risk management tools

 4. Improving capital efficiency with automated post-trade settlement workflow.

For more information, please email info@finerymarkets.com.

About Hidden Road

Hidden Road Partners is the global credit network for institutions, enabling seamless access to traditional and digital markets. Conflict-free and built on a modern technology stack, we remove complexity and cost in prime brokerage, clearing and financing. For more information, please email info@hiddenroad.com.


About DV Chain

DV Chain provides world-class cryptocurrency trading and technology. From easy-to-use, web-based charting and click trading to white glove, specialized algorithmic orders, institutions around the globe depend on DV Chain’s robust, stable tech stack to power and scale their businesses.

DV Chain is an affiliate of DV Trading, a Chicago-based proprietary trading firm and also an affiliate of Independent Trading Group, a Canadian broker-dealer. In 2016, the founders of DV Trading launched DV Chain to adapt the technology and trading strategies employed by DV Trading to bring liquidity to cryptocurrency markets. Since then, DV Chain has become one of the world’s global crypto leaders providing reliable, accessible, and technologically advanced cryptocurrency liquidity solutions.

About Wincent

Wincent is a leading crypto market maker with $3B+ daily volume and 300K+ daily transactions. Our mission is to enable, empower and advance a truly decentralized world for more transparent, fair and efficient markets and products. For additional information visit https://www.wincent.co

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