CrossX Launches Disclosed Platform

More evidence of the convergence between FX and crypto markets in news that Crossover Markets, which operates an anonymous, execution-only, crypto trading venue, has launched a disclosed venue to allow consumers to tailor liquidity.

While anonymous ECNs in FX remain important, the last decade or more has seen the disclosed model outstrip them in terms of percentage of volume handled, Crossover Markets is clearly making a similar play in crypto. The firm says the new venue, CrossX Disclosed, provides connectivity to 30 liquidity providers, allowing consumers to build bespoke liquidity pools – as is the case with the anonymous platform, it is supported by the venues’ main prime broker, Ripple Prime.

Describing the launch as “a natural and complementary evolution of our anonymous marketplace”, Crossover Markets CEO and co-founder Brandon Mulvihill, says that demand is “sky-high” for solutions that provide connectivity across the ecosystem.

Michael Higgins, international CEO of Ripple Prime, explains, “As traditional and digital finance converge, institutions require market infrastructure that meets the same bar of neutrality, governance, and risk controls to which they are accustomed. CrossX Disclosed enables institutions to net settle all activity through Ripple Prime while maintaining direct relationships with their market makers, delivering necessary operational flexibility and capital efficiency without new counterparty risk.”

The firm is also promoting the new venue with what it terms a dynamic rate card. The firm will charge zero up-front fees and does not assess monthly minimums, instead, it says participants on CrossX tally their volumes across the entire ecosystem, be it disclosed, undisclosed, maker, or taker, with fee reductions based on total activity. 

Thomas Restout, CEO of B2C2, observes the disclosed model means “institutional participants benefit from greater control combined with price transparency, speedy execution, and efficient settlement”, while Michael Lie, global head of digital assets at Flow Traders, says “[The} market structure in digital assets is moving toward a more continuous, connected and institutionally aligned model.”