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FM Liquidity Match

Crypto OTC trading infrastructure for institutions

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.

White label

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

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FM Liquidity Match

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

4:25 min
Finery Markets CEO discusses a new sub-account model for institutional clients
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

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    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.

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    Security

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

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    Efficiency

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

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    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.

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Features

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

Role-based access control

Protect the integrity and availability of information in your system

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

Multi-Layered Risk Control System:

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

Customize price streams for your clients and increase revenue

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

Stay ahead with real-time alerts

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

The first crypto ECN with firm order-driven matching engine

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

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

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

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

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

Maximize efficiency of your high-touch or voice trading desk

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

Experience seamless position management

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

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

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

Streamline your back office with our settlement feature

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

Streamline auditing and accounting processes

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

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

  • pic Add, store, and share bank details and crypto wallets with counterparties within our platform
  • pic Whitelisting process ensures that only verified and confirmed parties can access the settlement information
  • pic Say goodbye to the hassle of chats, emails, and manual processes to initiate settlements
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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
pic pic 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 1pic
  • Client 2pic
  • Client 3pic

tradable order book

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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

picFinery markets

High-performance C++ matching engine

Global order
book

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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
pic pic 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.

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George Zarya
Founder & CEO of

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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.

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Michael Higgins,
Global Head of Business Development at

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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

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Jack Yang,
Founder and CEO at

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