Finery Markets Adds RFQ to ECN

Crypto ECN Finery Markets says it has introduced a request-for-quote (RFQ) function on its trading solution to complement its existing order book mechanism – a move the firm says means it now provides the first “Hybrid ECN” in crypto.

In the new channel LPs will provide firm quotes, the firm explains, thus making the ECN both order- and quote-driven. In the RFQ mode, a buyer requests a quote for a specific volume of an asset pair and receives responses from multiple liquidity providers competing for the order – a mechanism familiar to many in the FX market. Finery observes this execution method is particularly well-suited for large trades, as it helps minimise market impact, or for specific assets where continuous markets are unavailable.

The launch comes as the firm relocates its trading servers to Amazon Web Services (AWS) in Japan. This aims to position the servers closer to the crypto price discovery centre, it explains, thereby enhancing the processing and analysis of market data.

“In trading, there is no one-size-fits-all solution,” says Konstantin Shulga, CEO of Finery Markets. “We believe that a hybrid model offers significant value to our customers. This approach combines the transparency and execution certainty of order-driven systems with the deep liquidity and minimal market impact of quote-driven models.”