MARKTS, the all-asset class order and execution management system (OEMS) owned by TradingScreen, has announced a partnership and product integration with Seed Digital Commodities Market (SCXM), a licensed digital asset exchange for institutional investors.
Seed Digital Commodities Market (SCXM) is an institutional-grade spot market for digital assets. Seed Digital Commodities Market has been awarded a BitLicense by the New York State Department of Financial Services.
The partnership will allow institutional investors to access the crypto market securely, seamlessly and efficiently, as TradingScreen clients will have specific access to crypto as an asset class, settlement of the asset, as well as the ability to trade crypto via spot markets and derivatives with the same multi-asset workflow.
The simplified access to new digital asset classes and currencies through a centralized network for institutional market participants may potentially be enhanced through MARKTS’ partnership ecosystem, specific to cryptocurrencies and digital asset exchanges.
Edward Woodford, Chief Executive Officer at SCXM, said: “SCXM’s goal is to bring buyers and sellers together in a fair and stable marketplace with low cost, low slippage, reasonable margin and deep liquidity. We are especially excited about partnering with MARKTS because of their proven technology and ability to integrate within a large network effectively. We see mutual benefits from connecting with its hedge fund, asset management and private banking clients who will offer additional participants and added liquidity across our marketplace.”
Alex Carteau, Head of MARKTS, commented: “There is no denying that obstacles related to cryptocurrency trading exist – from a host of market manipulators to cyber hacks – but TradingScreen has confronted various types of challenges as it relates to other asset-classes for more than two decades. We here at MARKTS are confident in our approach in developing new solutions for all asset classes.”
Seed Digital Commodities Market is a wholly-owned subsidiary of Seed CX, which offers a market for institutional trading and settlement of spot digital assets. Seed CX is backed by Bain Capital Ventures, and was recently voted “Best Institutional Digital Asset Provider” by the Profit & Loss 2019 Readers’ Choice Awards and won the award for “Best Cryptocurrency Exchange” in the 2019 FinTech Breakthrough Awards.
SCXM has recently released third party independent analysis compiled by research and algorithmic best execution firm CoinRoutes. Order book data was collected from seven of the largest US exchanges (including SCXM, Gemini, Coinbase, Kraken, Poloniex, itBit and Bitstamp). During this weeklong period, for an illustrative order of 1 BTC, SCXM offered the Best Bid and Offer respectively for 50% and 22.8% of the time. It is particularly notable that across an entire trading session (02/08/2020 6:00 PM CST – 02/09/2020 CST 4:00 PM), SCXM offered the Best Bid 68% of the time.
In addition to some of the lowest execution costs, SCXM offers participants a number of advantages over other digital asset exchanges, including:
Low Latency and Connection Reliability: A robust infrastructure allows groups to reliably trade on SCXM’s matching engine at NY4 and to access the market using either FIX protocol or Web API. Margin Trading: SCXM provides leverage trading to market participants and allows collateral to be posted using non-traditional assets, such as digital assets.
Secure Custodying of Assets: All USD deposits are held in regulated and FDIC-insured US banks under a regulated third-party settlement agent, Zero Hash. Digital assets are held in Zero Hash’s secure wallet infrastructure, which segregates holdings in individual participant’s multi-signature wallets rather than omnibus wallets. This allows the movement of digital assets to be reconcilable with the public blockchain.
Robust Compliance: SCXM does not trade against clients and surveils the market to ensure an efficient and fair market for all. Account and Sub-account Permissioning: Participants can create any number of accounts and sub-accounts to precisely control who has trading and admin privileges.
Dedicated Institutional Coverage: A dedicated team of operational support professionals based in Chicago provides around-the-clock support via email or phone.