MAX Markets, a London-based digital, multi-asset exchange ecosystem, is set to launch as it takes the first key steps of its UK regulatory roadmap. The operator, which is designed for professional investors, will offer a regulated marketplace, subject to FCA approval, to enable the buying and selling of cryptocurrencies, security tokens and other digital assets.
The digital asset exchange has recently applied to the FCA for a UK Multilateral Trading Facility (‘MTF’) license and the ecosystem will include up to 3 exchanges (UK, Switzerland, and Asia), a guarantee fund (ensuring contract performance) and a digital custodian.
In the current market, investors are expected to prefund digital activity with their inventory immobilized in a closed ecosystem of the exchanges choosing. What makes MAX unique is its facilitation of inventory mobility as it will provide access to third-party digital asset exchanges and custodians as well as access to fiat banking using a groundbreaking middleware layer. MAX’s approach highlights the paradigm shift from traditional to digital exchanges including post-trade.
MAX’s strong digital assets network and a senior industry team include Hirander Misra, Deputy Chairman, and Scott Riley, Chief Post Trade Officer, who were previously co-founders of Chi-X Europe and Tony Harrop, Director of Technology, who was formerly CTO at PLUS Markets Group (now NEX Exchange).
Scott Riley, Chief Post Trade Officer of MAX said, “I am delighted to participate in this unique opportunity as digital is a hugely exciting market development and it is here to stay. Participants want access and product, customers want certainty and recourse and we’re just giving them the technology and governance to achieve that for this new asset class in a framework they are familiar with.”
MAX also counts with experienced Non-Executive Directors such as Iain Saville, ‘father of CREST’ and a recognized expert in securities and settlement, who has been appointed as Chairman; John Holland, Chairman of KCG Europe and previously UBS Investment Bank board member, and June Aitken, an experienced NED and ex HSBC and UBS senior executive.
GMEX Holdings Limited, part of GMEX Group Limited (“GMEX”) which is led by Hirander Misra, is the leading backer of MAX. GMEX is a leader in digital exchange and post trade technology and will supply MAX with its GMEX Fusion technology platform, as well as DAG Global, whose mission is to deliver merchant banking services in the UK to SMEs and digital firms.
Hirander Misra, Chairman and CEO of GMEX Group and Interim CEO of MAX, commented: “After the success of Chi-X Europe and our rewarding working relationship, it has been great to take on the challenge of launching a London based digital assets ecosystem, alongside Scott. The team behind MAX is exceptional and the expertise they bring in the banking, exchange and regulatory space alongside digital assets expertise coupled with strong partnerships will place MAX at the forefront of the market.”
Sean Kiernan, Founder and CEO of DAG Global, said: “DAG is excited to be part of this new venture and bring its network and associated business opportunities to the platform. We will also look to expand MAX’s solutions to include the addition of merchant banking services in the future.”