Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
GMEX Technologies Ltd., a provider of multi-asset exchange and post-trade business and technology solutions, announced the launch of GMEX Fusion, a unique integrated centralized and distributed solution set.
GMEX Fusion comes in response to changing global market drivers and technical innovation, which led the company to combine the established GMEX centralized technology with the latest Blockchain technology. GMEX Fusion is a hybrid trading and post-trade solution for exchanges, clearing-houses, central securities depositories and electronic warehouse receipts operators, taking advantage of the inherent positive characteristics of both.
Hirander Misra, Chief Executive Officer of GMEX Group and Chairman GMEX Technologies, said: “We have created Fusion to address the increasing need for centralized and distributed technology to be implemented together. We are delivering the latest Blockchain technology integrated with advanced exchange trading, clearing, settlement and electronic warehouse receipts solutions to ensure that the current world of centralized systems and new world of distributed enablement can coexist in parallel as part of a unique game-changing hybrid paradigm.”
GMEX’s traditional solutions are currently live in multiple exchanges and post-trade venues, such as Hanoi Stock Exchange and Vietnam Securities Depository. As traditional exchanges are looking toward distributed ledger functionality for its infrastructure and processes, GMEX is working to enable a technologically advanced multi-asset, cost-effective and future-proofed solution.
The company is also responding to increased demand from cryptocurrency exchanges eager to expand liquidity and attract new participants but are increasingly facing problems relating to regulation and ability to scale technology to meet the needs of the institutional market. These venues need support to integrate this with existing technology and processes.
Prior to the launch of Fusion, GMEX has already been involved in the crypto space through its strategic partnership with Seed CX Ltd (Seed) in the US. The GMEX matching engine and market surveillance solution is implemented at Seed, which operates a swap execution facility registered with the Commodity Futures Trading Commission (CFTC). In December Seed announced a strategic investment by Bittrex Inc., a US-based cryptocurrency trading platform. Seed is currently on-boarding institutional participants and will launch spot and derivative crypto trading in Q1 2018. Seed will offer a large number of trading pairs, with the potential to offer 19 different fiat currencies and over 200 types of crypto.
Edward Woodford, Chief Executive Officer of Seed, commented: “In collaboration with GMEX, Seed’s platform was built for professional traders in an industry where standards exist: FIX protocol, colocation, market surveillance, redundancy, and uptime. The current crypto trading eco-system suffers from fundamental issues including the lack of basic controls and redundancy, which leads to frequent flash crashes and system downtime. Seed was built to change this.”
GMEX Fusion supports the latest technology and business challenges impacting the way traditional exchanges are looking to operate, and address the demands from the crypto exchanges and emerging market countries looking to start-up or enhance their exchange ecosystem.
GMEX’s exchange software includes web and mobile front-ends, back-end server with matching engine (CLOB and RFQ), liquidity management, ability to connect to native crypto exchange Blockchains, market data and order execution API’s combined with secure wallet and smart contract solutions.