BridgePort Expands Network with Virtu, SpotEx, Anchorage Link Up

BridgePort has expanded its off-exchange settlement network with an integrated credit and settlement workflow that has connected Anchorage Digital SpotEx and Virtu Financial.

The firm says the initial production deployment brings together participants from across the institutional trading lifecycle, each performing an established role within the workflow. Virtu helps validate the operation model in a controlled production environment; SpotEx provided the execution venue and integrated with independent custody and settlement infrastructure, while Anchorage Digital facilitates the collateral and settlement workflow through its network, Atlas. BridgePort provides the orchestration layer that coordinates messaging, allocations, reconciliation, and settlement between the parties.

The firms state that together, the deployment demonstrates how execution, prime brokerage, custody, and settlement can operate as coordinated, but independent, components of an institutional market structure. The initial rollout’s objective was to validate the complete end-to-end workflow before expanding participation to live trading environments and more participants.

“The successful deployment of this workflow, powered by BridgePort, demonstrates how institutional trading, custody, and settlement can seamlessly operate together,” says Scott Moegling, head of OTC trading at Virtu Fiunancial. “It’s an important milestone in removing pre-funding drag and bringing increased capital efficiency to the market.”

The firms say the model is designed to support interoperability across custodians and execution venues without requiring BridgePort to take custody of the assets or become a counterparty to the trade. Each stakeholder continues to perform its existing role while operating within a coordinated settlement workflow.

“The deployment represents a production implementation of an integrated institutional workflow connecting execution, prime, custody, and settlement through independent market participants,” the firms’ state. “Importantly, this demonstrates how these functions can operate together without requiring changes to each participant’s core operating model.”

BridgePort observes that  while institutional participation in digital assets continues to grow, much of the market still relies on a trading framework that requires capital to be distributed across multiple venues and trades to be pre-funded. As more custodians, exchanges, prime brokers, and trading firms enter the market, the need for interoperable post-trade infrastructure becomes increasingly important, it argues.

“This deployment demonstrates how institutional participants can coordinate custody, execution, prime brokerage, and settlement within a single operational workflow while allowing each participant to continue performing its established role,” it adds. “As additional participants join the network, [we] will continue expanding the infrastructure needed to support a more connected and capital-efficient institutional market.”