Institutional traders turning to new breed of crypto execution-only electronic communication networks (ECNs) due to breakthrough speed and performance
LONDON – 25 April 2024 – Crossover Markets Group, Inc., a digital asset technology firm focused on meeting the unique liquidity requirements of institutions, today announced several key performance indicators from Q1 trading on its flagship digital assets platform CROSSx.
Crossover’s Q1 2024 Highlights:
- CROSSx executed $3,153,752,406 in notional trading volume
- CROSSx executed 415,450 trades
- CROSSx processed over 141 billion quotes
CROSSx Q1 execution times are as follows:
- Order to ack[i] – 75% below 7μsec and 99% below 10μsec
- Order to feed[ii] – 75% below 8μsec and 99% below 11μsec
“After several quarters of consistent growth, we are thrilled to report CROSSx data that reveals we are the fastest venue and among the fastest-growing institutional venues in the digital world,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets.
Mulvihill added, “Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and market taker, as evidenced by our commercial model.”
Crossover Co-Founder and Chief Commercial Officer Anthony Mazzarese added, “CROSSx’s hybrid ECN model allows quote-driven OTC market makers to stream liquidity into our order book alongside makers and takers who are posting both passive and aggressive orders for OXO matching. Supporting both quote-driven and order-to-order matching on a single venue, in a single trading session, is unique in the market, and enables takers to interact with market makers’ quotes or cross with another taker while trading inside makers’ spreads, ultimately achieving the best possible price.”
Mazzarese continued, “This pricing power is driving more trading activity, and the top three types of participants on the platform to date are institutions running electronic trading strategies, market makers looking to hedge their inventory and retail brokers. Clients can choose whether they would like to interact with quote-driven or firm liquidity – or both – while makers have the ability to customize different price streams for different trading strategies. All of this is offered to CROSSx participants within single-digit microsecond matching times, making us the fastest crypto venue in the market.”
About Crossover Markets
Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company’s execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that enables clients to choose whom they want to trade with. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market. For more information, visit www.crossovermarkets.com.
Media Contact
Jennifer Berlin
Forefront Communications for Crossover
crossover@forefrontcomms.com
+44 (0) 7375 288 641
[i] *Order to Ack – the time it takes to match a trade and report the acknowledgement of the trade execution to relevant parties.
[ii] **Order to Feed – the time it takes for an order to be represented in the market data.
