MaxxTrader Moves into Digital Assets

Singapore Exchange’s MaxxTrader has expanded into digital assets with the launch of a new platform dedicated to the space, MaxxDigital. DBS has become the first bank to deploy the solution.

MaxxTrader says the solution aims to address legitimacy and stability concerns among digital assets communities regarding trading counterparties and technology partners. It offers the ability to price, trade and distribute any cash or tradable tokenised digital assets and looks to solve the current execution challenges in digital asset trading by introducing market proven TradFi best execution.

The platform incorporates OTC FX execution features for digital assets trading, the firm says, as well as streaming, request for stream and request for quote workflows. Users will gain access to liquidity from OTC exchanges, ECNs and market makers, as well as exchanges offering listed crypto futures. The solution is available via a dedicated desktop, the Web or via a mobile application.

Users can also leverage native MaxxTrader algorithms for digital assets trading such as time- weighted average price and volume-weighted average price, as well as basket trading algorithms for constructing and trading custom digital assets baskets and/or hedging exposure for exchange-traded funds. The firm says future plans include adding new algos to achieve best execution and reduce transaction costs.

“There is currently a large gap in the digital assets trading market for a robust, functionality-rich trading solution and we believe that MaxxDigital can fill this critical gap,” says Manish Kedia, CEO, MaxxTrader. “MaxxTrader brings over two decades of experience in TradFi solution expertise and know-how into digital asset trading, which will help support and empower both TradFi and Crypto native institutions in optimal execution of their operations. We are honoured that DBS has given us their vote of confidence and we aim to collaborate with other TradFi institutions in bridging this gap.”

Jacky Tai, group head of trading and structuring, treasury and markets, DBS, adds, “DBS has always made innovation a priority to meet the fast-changing needs of the financial sector. Partnering with MaxxTrader and leveraging their expertise enhances our digital asset trading offering and trading hours even over weekends without having to commit to additional backend resources. Our ability to streamline the end-to-end process efficiently enables us to explore the market’s full potential by providing even more dynamic pricing, financing, and risk solutions around the clock. We believe that this will contribute to Singapore’s growing influence as a global digital asset hub.”