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FM Liquidity Match

Crypto OTC trading infrastructure for institutions

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Streamline your client-facing business and simplify trade cycle management with our single access point solution

Maximize your profits and expand your income sources with our mark-up management and roll-over rates. Enjoy counterparty risk management, automated settlement and reporting

Leverage Finery Markets technology without investing in developing your own. Save integration costs and increase automation level: fast implementation through API

Model overview

FM Liquidity Match trading model operates through a master account created by a broker, prime-broker, OTC-desk or liquidity provider.

The master account then creates multiple sub-accounts to serve their clients.

Each sub-account functions as a separate trading account with its own balance, positions, and trading history.

The sub-accounts operate within specific risk-limits and settle with the master account. The master account manages user access, risk, mark-ups and position roll-overs across all sub-accounts.

Resell liquidity of global liquidity providers

Effectively segregate the "dealer-to-dealer" and "dealer-to-client" markets.

Source liquidity from global liquidity providers and offer it to your customers with spread management tools.

Create proprietary pool of liquidity

Master accounts can match sub-accounts of market makers and liquidity takers internally, allowing for efficient and streamlined trading.

Internalize customer flows

Master accounts enable the internalization of customer flows, which can lead to a decrease in market impact and lower costs and counterparty risks.

FM Whitelable

FM Liquidity Match is also available as a white label. Save time and money by leveraging our technology

Learn more

FM Liquidity Match

Finery Markets CEO discusses a new sub-account model for institutional clients

4:25 min

FM Liquidity Match

Finery Markets CEO discusses a new sub-account
model for institutional clients

Technology

We provide a modern and scalable AWS-based infrastructure with 99.99% uptime — take a close look at status.finerymarkets.com

Low latency

A sub-1 millisecond proprietary matching engine, including a pre-trade risk management process, allows for quick and efficient trade execution while minimizing the risk of errors.
Security

SOC-2 Type 1&2 certified, technical security controls have been verified through an OWASP ASVS audit and regular penetration tests (PTES, OWASP, OSSTMM)
Efficiency

The secure cloud-based AWS infrastructure system enables Finery Markets to handle more than 2 million orders per minute.
Quality

A test environment with a complete set of API requests and realistic market conditions is available to test your trading system before implementing it live.

Features

Bring value to your clients, while we take care of your trading needs

pre-trade

trade

post-trade

Role-based access control

Protect the integrity and availability of information in your system

Improved Security: view-only mode, trading, risk-management, settlement, API and user management roles with customized notifications
Enhanced Accountability: user activities can be tracked and audited based on their roles from trading to settlement to API
Administrators can easily manage users and their roles, speeding up processes like onboarding, offboarding, and role transitions

Risk management

Multi-Layered Risk Control System:

Counterparty Limit: co-determine the maximum value for trading with each client and counterparty, laying the foundation for trust and smooth transactions.
Limit per asset: manage your exposure and open positions per each asset.
Customized requirements for risk-margin with notifications that are triggered when action is required

Spread management

Customize price streams for your clients and increase revenue

Flexible and multi-dimensional markup management system:
- Asymmetric markups
- Markups by customers
- Markups by asset pairs
Set markups via GUI or automate the process via API

Notifications

Stay ahead with real-time alerts

Role-Based Notifications: Ensure the right team members receive tailored updates through our intuitive GUI or email delivery system
Comprehensive Transaction Insights: Gain detailed information on transaction activities, including setup, modification of limits, threshold alerts, settlement updates, and notifications on executed trades
Enhanced Back Office Features: Receive alerts when bank details for fiat and new counterparties' addresses for crypto are added and verified

Aggregated order book

The first crypto ECN with firm order-driven matching engine

Firm executable orders with 100% fill rate (no “last look” execution)
Limit order book with aggregation across LPs and price-time priority
Limit and market orders (IOC and FOK)
Add/remove depth of the book with just one click by enabling/disabling LPs

RFQ

Access deep quote-driven liquidity from top-tier LPs via GUI or API

Single access point to a pool of liquidity from top liquidity providers.
Aggregating and routing orders to liquidity providers via GUI or a unified API: REST, WebSocket.
Pricing quotes for specific asset pairs, including fiat and altcoins.
See also: RFQ

Quote streams

Enhance your trading experience by accessing liquidity from top-tier liquidity providers (LPs).

Single access point to two-sided liquidity streams from top liquidity providers. A single access point to dual liquidity streams from leading liquidity providers.
Advanced smart order routing (SOR) to optimize your execution by considering the order size and the liquidity available across liquidity pools.
Real-time quotes with no information leakage on your trade intentions.
See also: Quote streams

Voice Trading

Without the proper infrastructure, manual iterations can lead to complete disarray

Register trades conducted through non-electronic means
Integrate all trades into our platform to ensure a comprehensive trading and settlement history
Enjoy comprehensive reporting, which includes both electronic and non-electronic trading PDF/CSV reports

Authorized trading

Maximize efficiency of your high-touch or voice trading desk

Place trades on behalf of your clients and automatically hedge them using our spread management feature for instant execution.
Enjoy real-time quotes while conversing with clients and execute trades immediately.
Gain full control over the trading, deposits and withdrawals for your clients.

Position management

Experience seamless position management

Track and manage your and your sub-accounts open positions for each asset
Real-time reassessment on a mark-to-market basis in a native asset and USD equivalent
Want to settle? Simply request assets or generate automated settlement instructions.
Don’t want to settle? Simply roll-over a position, with the option to pay an overnight rate.
FM keeps position history with no limitation on timing, be it last week or 10 years ago

Overnight financing

Give your customers exposure to synthetic NDFs/CFDs with overnight rollover functionality

Trade deliverable spot or simply roll over your position and opt to pay an overnight rate
Define positive or negative overnight rate for your sub-accounts on per-client, per asset level

Flexible settlement

Streamline your back office with our settlement feature

Register incoming transactions and create requests with a click of a button
Automate the settlement process via our API compatible with your custody providers, both crypto and fiat*
Enjoy the functionality of our address book to transact with whitelisted and verified wallets or bank accounts.

Reporting

Streamline auditing and accounting processes

Gain access to comprehensive reports on all your and your sub-accounts trades and settlements with a simple click
Receive daily, monthly or on-demand PDF or CSV reports in your mailbox via API or GUI
Use our reports as proof of compliance with the EU's Travel Rule or other regulatory acts, showing your settlement activities with specific counterparties

Settlement address book

Safe and secure exchange of settlement information across more than 20 networks

Add, store, and share bank details and crypto wallets with counterparties within our platform
Whitelisting process ensures that only verified and confirmed parties can access the settlement information
Say goodbye to the hassle of chats, emails, and manual processes to initiate settlements

FM Liquidity Match assist you in every step of the trading cycle

Lifecycle

We are more than a trading platform, we support complex workflows happening across the transaction lifecycle.

Transaction step

Our tasks

1 Pre-trade

Account access management
Setting up limits and risk checks
Leverage and financing tools
Mark-up management
Firm streaming quotes
Pre-trade cost analysis

2 Trade

Order execution across 200 fiat-to-crypto, crypto-to-crypto, fiat-to-stable pairs
Margin checks
Risk Management

3 Post-trade

Fiat & crypto settlement instructions, network agnostic
Position management
Settlement & trade history
Reporting

Process overview

Seamless workflow integrations

Discover how Finery Markets can integrate into your workflows to improve trading processes

FM Marketplace
FM white label

Trade Trade

Each client has a unique tradable order book based on PB/LP relationships, credit lines, risk parameters, and spread management.

Speed bump on the taker side

100% fill ratio

Takers

Banks & brokers, OTC desks, Payment providers

Client 1
Client 2
Client 3

tradable order book

Connects via API / GUI
100% fill ratio

Non-custodial model with no counterparty risk on Finery Markets

User-friendly GUI and APIs: FIX 4.4, Websocket, REST

Finery markets

High-performance C++ matching engine

Global order
book

Firm orders

Trade Settlement

MASTER (White label)

Client GUI and API endpoints

Each sub account has a unique tradable order book based on master liquidity pool, credit lines, risk parameters, and spread management.

Can be used for purposes such as:
- facilitating transactions between groups within a company,
- dividing up business lines
- creating access points for customers.

sub account
taker

Customer 1
Customer 2

Acts as riskless principal

MASTER

Sub account Makers don't match with each other

Tailored markups

sub account
Maker

MM 1
MM 2

Makers don't match with each other

Tailored markups for bilateral trading

liquidity providers

LP 1
LP 2
LP 3

Settlement

ClientCustomer — liquidity taker

MM — market makers

LP — liquidity provider

By minimizing counterparty risk and improving capital efficiency, we are proud to offer institutional clients the best execution in crypto assets. The partnership with Finery Markets is a testament to our commitment to delivering innovative solutions that meet the evolving needs of our clients.

George Zarya
Founder & CEO of

Hidden Road enables clients to choose their own price discovery centers and liquidity solutions, and Finery is a great addition to our credit network and OTC prime brokerage offering.

Michael Higgins,
Global Head of Business Development at

We are thrilled to collaborate with Finery Markets, thereby strengthening our network through OTC prime brokerage services. Our goal is to provide a seamless and comprehensive trading experience for institutional clients, backed by our strong tech infrastructure and compliance commitment. We view Finery Markets’ unique services as a valuable enhancement to our already robust offerings

Jack Yang,
Founder and CEO at

Scale your business, leave the hard work of your trading needs to us

Reduce your integration costs and operational risk across multiple access points with our platform

Request details

Finery Markets may require additional information to verify eligibility and grant a user access to FM Liquidity Match. The company may reject an applicant if they do not meet the eligibility and admission criteria or if it determines, at its sole discretion, not to accept the applicant as a user.

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I understand that all information provided is intended for institutional persons only and is not suitable for retail persons in the United Kingdom

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Trusted by global partners

Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) serves as a leading provider of Electronic Communication Network (ECN) solutions and Software as a Service (“SaaS”). Finery Markets serves as a software provider and does not engage in any activities requiring regulatory oversight.

Finery Markets does not offer its software or services to users in certain jurisdictions where such activities are restricted or prohibited by law. Users are solely responsible for ensuring that their use of Finery Markets' software is compliant with all applicable laws and regulations.
This website, its contents, and any associated communications are not intended as a financial promotion, and shall not be constructed as financial advice. The services provided by Finery Markets are solely for professional use by those who have accepted the Terms and Conditions and have subsequently become clients of Finery Markets. Users in jurisdictions where access to such services is restricted or prohibited should not rely on this website or its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to to use this website for the services of Finery Markets if they don't fall within these categories.

Crypto OTC trading infrastructure for institutions

Resell liquidity of global liquidity providers

Create proprietary pool of liquidity

Internalize customer flows

Low latency

Security

Efficiency

Quality

Features

Role-based access control

Risk management

Spread management

Notifications

Aggregated order book

RFQ

Quote streams

Voice Trading

Authorized trading

Position management

Overnight financing

Flexible settlement

Reporting

Settlement address book

Lifecycle

Transaction step

Our tasks

1 Pre-trade

2 Trade

3 Post-trade

Takers

Finery markets

Global orderbook

MASTER (White label)

sub accounttaker

MASTER

sub accountMaker

liquidity providers

By minimizing counterparty risk and improving capital efficiency, we are proud to offer institutional clients the best execution in crypto assets. The partnership with Finery Markets is a testament to our commitment to delivering innovative solutions that meet the evolving needs of our clients.

Hidden Road enables clients to choose their own price discovery centers and liquidity solutions, and Finery is a great addition to our credit network and OTC prime brokerage offering.

Scale your business, leave the hard work of your trading needs to us

Trusted by global partners

Global order
book

sub account
taker

sub account
Maker