The Digest | November 2024 | Blog - Resources

Celebrating 5 Years: Finery Markets marks its 5th anniversary, reflecting on milestones and continued innovation in institutional crypto trading.

Wintermute Adopts RFQ: Wintermute executes the first Request for Quote (RFQ) trade on FM Liquidity Match, showcasing Finery Markets' hybrid ECN model.

Introducing Quote Streams: New RFS trading protocol launches January 2025, offering real-time pricing alongside RFQ and aggregated order book execution.

Global Order Book: New read-only feature enhances visibility and strategy for liquidity providers and master account holders.

Institutional Weekly: Stay up-to-date with key market insights in Finery Markets' new LinkedIn newsletter for institutional players.

Finery Markets Celebrates 5 Years of Innovation

This month, Finery Markets marks its 5th anniversary, celebrating half a decade of revolutionizing institutional crypto trading. From its ambitious beginnings rooted in traditional finance expertise, the platform has grown to serve over 130 customers across 35 countries, backed by a talented global team of 30+ professionals.

With milestones like a $5.5 million seed round in 2022 and the launch of its hybrid ECN solution, Finery Markets continues to drive innovation and set new benchmarks for execution, risk management, and settlement in the digital asset space.

Explore our plans

Wintermute Executes First RFQ Trade on Finery Markets

Wintermute, a global algorithmic trading firm and leading OTC desk, has executed the first-ever trade using Finery Markets’ newly introduced Request for Quote (RFQ) feature on FM Liquidity Match. This achievement solidifies Finery Markets’ unique position as the only crypto-native ECN to offer institutional liquidity execution through both RFQ and firm order-book mechanisms. The RFQ feature allows customers to request quotes for any asset type or size, providing enhanced flexibility and efficiency for institutional traders.

With the addition of RFQ, Finery Markets has created a hybrid ECN model that combines order-driven matching, offering firm liquidity and zero slippage, with the customizable RFQ approach. This dual system caters to diverse trading needs, particularly for larger or less liquid assets, where traditional order books might fall short. Wintermute’s involvement as the first liquidity provider to adopt RFQ underscores the feature’s potential to optimize price execution and expand market access for institutional clients. The partnership comes at a time of rapid growth in institutional crypto adoption. According to Finery Markets, crypto OTC spot transactions have surged by 89% year-over-year as of the third quarter of 2024. By integrating RFQ functionality, Finery Markets and Wintermute are set to meet the growing demand from traditional financial institutions and crypto-native players, driving innovation in the digital asset trading space.

Finery Markets is set to launch a groundbreaking execution method, Quote Streams, using the Request-for-Stream (RFS) trading protocol. Debuting on January 1, 2025, this new feature reinforces Finery Markets' position as the only crypto ECN to offer both firm and indicative liquidity on a single platform. Quote Streams provides liquidity takers with real-time price updates from multiple liquidity providers (LPs), allowing them to swiftly respond to dynamic market conditions. Once a price is selected, the LP confirms and executes the trade seamlessly.

Global Order Book: A New Perspective on Market Activity

Finery Markets is unveiling a global order book in read-only mode for liquidity providers and master account holders. This feature enhances visibility into the broader market while maintaining our advanced trading architecture's flexibility. Users can interact with the FM Marketplace for fully disclosed trading or utilize FM Liquidity Match, offering both fully and semi-disclosed options tailored to specific risk parameters. Liquidity takers receive tailored, executable order books based on their chosen counterparts and risk appetite, ensuring a customized trading experience.

The global order book is fully anonymized and non-executable, providing a panoramic view of pricing options and available spreads. Liquidity providers can evaluate the competitiveness of their quotes without revealing their identities, while master account holders gain access to non-executable price flows from all LPs. This tool enables users to benchmark Finery Markets' pricing and spreads against the broader market, making it an invaluable asset for market analysis and strategic decision-making.

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Finery Markets has launched “Institutional Weekly”, a LinkedIn newsletter designed to deliver market news and updates tailored for institutional players and informed investors. This publication offers a focused look at key developments in the crypto and financial markets, ensuring you stay informed without the noise.

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