Highlights Archives - Page 2 of 4

RULEMATCH Spot On – Advanced Crypto Access

Sophistication in financial markets is inevitable. In crypto markets it is just getting started. And banks – especially those with a long track record in the industry – are set to play a key role. One of these is Bank Frick, a pioneering bank from Liechtenstein who has been active in the blockchain and crypto space since 2015.

In this episode of RULEMATCH Spot On, host Ian Simpson sat down with Adam Retkes, Digital Assets Analyst at Bank Frick and discussed how the bank is levelling up its services – adding sophisticated solutions for more demanding institutional clients, also with the addition of Sponsored Access to RULEMATCH.

Episode show notes:

(00:45) Intro

(1:28) The number of Bank Frick clients

(3:02) The changing clientele and changing tech stack

(5:27) How the space is becoming more professional

(6:56) Getting “used to” banking-grade compliance

(8:52) Bank Frick as an educator

(10:36) Bringing degens into a private bank

(12:09) The entrepreneurial spirit

(12:45) Talking about crypto funds

(14:24) The new world of algo hedge funds

(15:52) TradFi old-timers seeking alpha with old tools

(17:13) Continued fragmented liquidity and the global dollar

(19:10) Serving hedge funds better

(19:54) Announcing Sponsored Access on RULEMATCH

(20:25) Explaining Sponsored Access

(22:16) Capital efficiency with Sponsored Access

(23:19) What is built-in leverage?

(24:20) How clearing makes things easier

(25:41) Low-latency as a key benefit

(27:03) The old becomes new

(28:27) Maintaining the same compliance and risk standards for banks

(30:26) The thing about “walled gardens”

(31:13) The challenge of crypto-fiat transfers and Bank Frick’s solution

(32:29) A lack of correspondent banks

(33:19) Bank Frick as a crypto “systemically relevant bank”

(34:13) Stablecoins as the way forward

(35:48) The landscape of regulated stablecoins

(37:08) The role of the euro and euro-denominated stablecoins

(40:31) Building walled gardens for stablecoins

(42:04) Looking into the crystal ball

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Disclaimer: The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

RULEMATCH Partners with Market Synergy

Zürich, Switzerland; 20 May 2025 – RULEMATCH is happy to announce that it has partnered with Market Synergy, a leading provider of institutional-grade crypto connectivity services. Market Synergy’s institutional-grade low-latency colocation and proximity hosting with 24/7 support facilitate high-performance connectivity to the RULEMATCH trading venue, servicing the growing number of latency-sensitive firms that are deploying sophisticated strategies in the cryptocurrency space.

With substantial growth in the digital asset market over the last 18 months and the US Administration’s supportive digital asset stance, demand continues to grow for institutional-grade exchanges like RULEMATCH as trading firms look to leverage their capabilities from traditional finance in the crypto market using similar services and technical capabilities.

James Banister, CEO of Market Synergy said: “Judging from my experience in electronic trading for traditional finance, I believe that the low-latency capabilities of RULEMATCH will be attractive for active trading institutions that are expanding from FX and equity trading into cryptocurrencies.”

David Riegelnig, CEO, RULEMATCH added, “We have been greatly impressed by the professionalism and technical capabilities of Market Synergy. Their streamlined services and deep experience in connectivity and hosting will certainly be very helpful for our latency-conscious participants and their institutional clients.”

As a pure market operator, RULEMATCH brings together the buying and selling interest of its participants followed by clearing and settlement amongst them. It is never a market maker, broker or counterparty in trading or settlement. Liquidity on the venue is guaranteed by regulated, designated market makers.

RULEMATCH leverages Nasdaq’s pre-trade risk, trading, and market surveillance technology. Participants on RULEMATCH using the Nasdaq binary access protocols ITCH/OUCH can execute trades at speeds down to 25 microseconds. RULEMATCH also offers connection via FIX 4.4/5.0SP2.

About Market Synergy

Market Synergy provides institutional-grade cryptocurrency connectivity and security for exchanges, banks, brokers, and hedge funds. By centralising digital asset connectivity in Swiss-based data centres and linking to major Points of Presence (POPs) in ZH4 (Zurich), LD4 (London), and NY4 (New York), Market Synergy aims to facilitate seamless access to global market participants.

For more information, visit: www.marketsynergy.com

About RULEMATCH

With integrated multilateral clearing and post-trade settlement, as well as institutional-grade trading technology, RULEMATCH helps provide ultra-low latency, capital efficient trading and robust market integrity. Its offices and operations are located in Zurich. Its participant network is open to banks and securities firms only and limited to select countries. RULEMATCH is not available to US-based financial institutions.

For more information, visit: www.rulematch.com.

RULEMATCH Integrates with Talos

Zurich, Switzerland; May 13, 2025 – RULEMATCH, the interbank spot crypto trading venue designed exclusively for financial institutions, today announces its integration with Talos, the premier provider of institutional trading technology and connectivity for digital assets. Through this integration, shared clients can access the guaranteed liquidity available from designated market makers on RULEMATCH directly from the Talos order and execution management system (OEMS).

Founded in 2021, RULEMATCH was built to serve the needs of financial institutions. The trading venue is distinguished by its institutional-only participant base, stringent market access controls, and market structure modelled on traditional finance — including a defined trading day, opening and closing auctions, and T+1 multilateral net settlement using DvP (delivery versus payment)..It also offers some of the lowest latency in the industry with execution speeds down to 25 microseconds.

“We are excited to join forces with Talos with the goal of better serving the broad range of financial institutions doing business in crypto,” said Stefan Lütolf, Chief Commercial Officer at RULEMATCH. “With this integration, our shared clients can benefit from the increased capital efficiency, reduced counterparty risk, and enhanced compliance of RULEMATCH – while also using the many features of the Talos system.”

RULEMATCH acts as a neutral market operator, bringing together the buying and selling interests of its participants. Currently a spot market in a central limit order book (CLOB) for bitcoin (BTC), ether (ETH) and USDC versus US Dollars, the RULEMATCH trading venue provides guaranteed liquidity through designated market makers and liquidity providers. In addition, RULEMATCH leverages Nasdaq’s pre-trade risk, matching engine and surveillance technology, helping to ensure institutional-grade market operations.

“We are thrilled to add RULEMATCH to the Talos Provider Network,” said Daniel Packham, VP and Head of EMEA Operations at Talos. “Their focus on an institutional-only participant base, combined with high-grade market controls and technology, directly supports our goal to offer clients access to the most trusted and compliant liquidity venues globally.”

RULEMATCH is open to regulated financial institutions from Switzerland and equivalently regulated countries. Participants therefore trade with counterparties that operate within aligned regulatory frameworks. All participants are subject to verification, ongoing trading oversight, and transfer screening, ensuring the highest standards of compliance and market integrity.

About RULEMATCH

RULEMATCH is the premiere digital asset trading venue for financial institutions. It acts as a market operator for spot trading of the most liquid cryptocurrencies vs fiat. RULEMATCH is never a counterparty in trading. Fiat funds are held in fiduciary accounts with a state-guaranteed, AA+-rated Swiss bank and cryptocurrencies are handled on fully segregated wallets. With integrated multilateral clearing and post-trade settlement, as well as institutional-grade trading technology, RULEMATCH helps provide ultra-low latency, capital efficient trading and robust market integrity. Its offices and operations are located in Zürich. Its participant network is open to banks and securities firms only and limited to select countries. RULEMATCH is not available to US-based financial institutions. For more information, visit: www.rulematch.com.

About Talos

Talos provides institutional-grade technology that supports the full digital asset investment lifecycle, including liquidity sourcing, price discovery, trading, settlement and portfolio management. Engineered by a team with unmatched experience building institutional trading and portfolio systems, the Talos platform connects institutions to key providers in the digital asset ecosystem – exchanges, OTC desks, prime brokers, lenders, custodians, and more – through a single interface. For additional information, visit www.talos.com.

Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions.

RULEMATCH Spot On – Serving Crypto Markets

The future of capital markets is being formed today.

But not everything is completely new…especially when it comes to electronic trading, risk management, and data quality. Low Observable Technology (Lo:Tech) CEO and Co-Founder Tim Meggs – a veteran of TradFi markets – sat down with host Ian Simpson to discuss how his firm is helping promote “ethical market making”, build advanced data services and getting set up for real high-frequency trading.

Episode show notes:

(1:10) Intro (2:39) Where is the market right now?)

(5:18) BTC season vs altcoin season

(6:53) How is institutional flow affecting the market?

(8:35) The “trickle-down effect” of Bitcoin ETFs

(9:12) Other sources of market liquidity

(11:02) Shrinking arbitrage and low-latency opportunities

(11:34) How big firms get comfortable with crypto

(12:22) Focus on market making

(14:54) How Lo:Tech is building for the future

(15:57) Who stands to benefit?

(17:58) The demand for high-quality market data

(18:57) What is ethical market making?

(22:11) Following best practices from TradFi?

(23:48) The tech for “doing it the right way”

(25:39) Raising the quality of data…and its side-effects

(26:50) What had to be changed?

(30:28) Getting to a state of clarity for risk management

(31:49) The state of play in crypto risk systems

(34:14) Shifting gears into HFT

(35:56) The REAL role of an HFT

(36:59) The tech “check-list” for Lo:Tech

(39:32) The “bare metal” infrastructure

(40:29) The new world of high-performance trading venues

(42:29) The founding team of Lo:Tech

(44:47) The geographical perspective on crypto

(47:10) What to expect with stablecoins

(49:27) Regulation – good, bad or…?

(51:40) Making the agreements right

(53:27) The crystal ball

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RULEMATCH Spot On – Banking on Crypto

Trading is deep in the DNA of Swissquote, one of Switzerland’s largest digital-first banks.

The forward-thinking firm was also early in the crypto market – in a big way. With Chief Sales and Marketing Officer Jan de Schepper, host Ian Simpson dove into the details of how Swissquote approaches its trading services for cryptocurrencies today – and how the bank’s clients approach their investments in the space.

Episode show notes:

(1:24) Welcome and intro

(2:18) Why is Switzerland so good for banks in crypto?

(3:15) The backstory of Swissquote’s start in crypto

(6:10) The building blocks of Swissquote’s crypto offering

(7:25) “Red lines” for a bank in crypto

(8:32) The (liquidity) risk evaluation for a crypto offering

(10:46) Due diligence and education on new coins

(11:39) The sticky question of capital requirements for banks in crypto

(12:45) Crypto as a client acquisition driver

(14:46) Engaging with FINMA

(15:51) Changing client appetite for coins

(16:41) How Swissquote clients trade the market

(18:52) Feature requests from actively trading crypto clients

(20:30) Balance between coins and crypto financial products

(21:49) Moving from retail to institutional

(24:12) Copycat banks in crypto?

(26:20) Swissquote and internal counterparty risk

(29:07) Crossover between forex and crypto

(30:13) Getting ready for tokenized assets

(31:44) “The current technology is not so bad…”

(32:41) Tokenize what…?

(34:52) Global competition coming…

(38:01) Is MiCA good for the industry?

(38:58) Competition on fees

(41:53) Looking into the crystal ball

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RULEMATCH Spot On – Winter Edition (Davos)

In Davos during the World Economic Forum Annual Meeting, RULEMATCH Spot On and host Ian Simpson spoke to a select number of speakers and attendees about ongoing developments in the institutional crypto and digital assets industry – as well as outlooks for 2025.

Anatoly Crachilov (CEO and Founding Partner – Nickel Digital Asset Management)

Anatoly Crachilov, CEO and Founding Partner of Nickel Digital Asset Management, one of the industry’s largest and most well-established crypto hedge fund managers discussed the evolving crypto and digital asset market, with perspectives from Davos – as well as how big hedge funds are operating in crypto, the evolving strategies and lingering challenges for asset managers, including counterparty risk and capital efficiency.

Ronit Ghose (Global Head, Future of Finance – Citi)

Ronit Ghose, Global Head, Future of Finance at Citi discussed the changes in finance with the rise of crypto and digital assets, how banks are engaging with the “future of money” and what stablecoins and tokenized assets will mean for the industry.

Alexandre Kech (CEO – Global Legal Entity Identifier Foundation)

During the World Economic Forum in Davos, host Ian Simpson spoke to Alexandre Kech, CEO of the Global Legal Entity Identifier Foundation (GLEIF). They discussed the evolving crypto and digital asset market, the need for universal identity to enable mass adoption of tokenized assets and the collaboration needed between public and private organizations to enable interoperability between blockchains and on-chain assets.

RULEMATCH Spot On – Winter Edition (St. Moritz)

In St. Moritz during the Crypto Finance Conference, RULEMATCH Spot On and host Ian Simpson spoke to a select number of speakers and attendees about ongoing developments in the institutional crypto and digital assets industry – as well as outlooks for 2025.

Amar Kuchinad (Global CEO – Copper)

Amar Kuchinad, Global CEO of Copper shared his experience in crossing over from traditional finance to crypto finance – including what unique experience he is bringing to one of the industry’s leading crypto custody and collateral management providers.

Thomas Restout (Group CEO – B2C2)

B2C2’s Group CEO Thomas Restout talked with Ian Simpson about global liquidity in crypto markets, developments in 2025 and the activities of global hedge funds and trading firms in the digital asset space – including the role and effect of HFT firms on liquidity in the industry.

David Newns (Head SIX Digital Exchange)

David Newns of SIX Digital Exchange explained important custody and collateral management are for digital asset markets – especially for trading. And why RULEMATCH and SDX are a perfect match to combine trading and custody services of the highest order. He also commented on the potential changes in US crypto policy – and why things may or may not move as fast as some people think.

Dr. Joachim Schwerin (Principal Economist, European Commission)

As MiCA regulations roll out in the European Union, European Commission Principal Economist Dr. Joachim Schwerin discussed reactions to the regulation, potential global competition from other jurisdictions – plus the future of “public vs private” money, including stablecoins.

Eric Saraniecki (Co-founder/Head Network Strategy – Digital Asset)

Digital Asset Co-founder and Head of Network Strategy Eric Saraniecki sat down with Ian Simpson in St Moritz to discuss the current state of institutional adoption in crypto, the (continued) rise of stablecoins, the need for privacy in crypto finance and where tokenization will go…eventually.

Simone Maini (CEO, Elliptic)

From the UK to Switzerland and all around, Ellipitic CEO Simone Maini shared her thoughts on where the institutional crypto market is going, what role compliance and regulation has to play – and why the industry cannot “mess up” its big moment.

Michael Rossman (Radix Trading)

Michael Rossman of Radix Trading talked about the state of the crypto and digital asset market developments and the big picture for markets on the macro level – including what lessons from TradFi can influence how “good markets” form in the nascent digital asset and crypto industry.

RULEMATCH Spot On – Next Level Crypto Products

Offering innovative financial products based on crypto assets may sound exciting – but it isn’t easy. Especially for banks.

What kind of structuring is needed? How is trading executed? What kind of risks are involved – and how can you control those risks?

These are the kinds of questions that faced Vontobel, one of Switzerland’s earliest banks to offer crypto structured products. In the final 2024 episode of RULEMATCH Spot On, Vontobel Head Blockchain Solutions Florian Marty shares a “behind-the-scenes look at how the bank dealt with these topics in the past.

He also shares a first-hand look at how Vontobel is evolving its offering to grow and expand in the future…

Episode show notes:

(00:55) Intro

(2:03) The backstory of Vontobel’s entry into crypto

(3:39) Built “in-house” tech

(5:23) What was “under the hood” of the first crypto tracker certificate?

(7:25) Why plugging into “exchanges” was tough…

(8:30) Vontobel’s expertise in structured products

(9:56) The complexities of offering structured products

(11:45) The tough thing about sketchy counterparties…

(12:40) The “complexity” of pre-funded crypto trading

(13:05) Vontobel’s joint-venture for future crypto products

(14:15) The evolution of crypto products at Vontobel

(16:00) Changing investor appetite for crypto products

(17:31) The effect of other (new) crypto products

(19:16) Two minds and two profiles of crypto investors

(21:40) Balancing the needs/wants of private banking and investment banking

(22:50) Looking at Europe and MiCAR

(24:39) The challenge of a fragmented regulatory landscape

(26:00) Is the financialization of crypto good or bad?

(27:21) The prospects for a borrowing/lending market for crypto

(31:37) Will there be “regulated DeFi?”

(34:10) Learnings from a first attempt at a tokenized structured product

(36:49) Why a lack of proper exchanges is a problem

(37:32) Does it take a “big boy” like BlackRock to push adoption?

(39:02) What are clients asking for?

(41:33) Looking into the crystal ball

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RULEMATCH Spot On – Crypto Trading By The Rules

For financial institutions, there is only one way to do crypto – by the rules. Whether it is custody of crypto assets, asset management, wealth management – or simple trading, banks and securities firms have to follow the ‘narrow path’ to provide the highest level of certainty and security for their clients.

This is top of mind for regulated companies like tradias – a spin-off of Bankhaus Scheich in Germany – which recently received a BaFin license for its crypto trading operations. In this episode of RULEMATCH Spot On, host Ian Simpson sat down with tradias founder Christopher Beck. They discussed the sometimes difficult path to getting a license, the state of liquidity in crypto spot markets plus implications of upcoming MiCAR rules and the challenges (and opportunities) in crypto market making.

Episode show notes:

(2:42) The best of times for banks moving into crypto?

(4:10) The risk for banks to not be in crypto

(4:49) The mind-shift of banks in the crypto asset class

(5:59) Keeping the best of TradFi in the crypto industry

(8:44) Processes for managing risk in crypto markets

(9:20) The “big picture” for tradias

(11:01) The “sweet spot” for tradias’s business

(11:48) Determining what institutions want in crypto

(14:20) “Why a license for crypto?”

(16:10) Considerations when going for a license

(16:35) Thinking about MiCAR…

(20:25) The outlook for stablecoins in Europe

(22:37) MiCAR as an “iron curtain”?

(23:47) The difference in mindset between European and US banks

(29:58) Technical challenges for banks moving into crypto

(32:00) Looking for robustness in crypto trading infrastructure

(33:48) Dealing with crypto capital requirements for banks

(35:30) Hurdles to true crypto borrowing/lending

(39:33) Thinking like a new hedge fund manager in crypto

(41:10) Is Europe a target for crypto hedge funds?

(43:58) The space for new fund strategies

(44:54) Looking ahead…

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RULEMATCH Spot On – Making Market Views

As one of the few banks in the world – if not the only one – Julius Baer offers its clients the opportunity to invest in crypto assets with the support of a full-fledged research department and CIO House View. That positions one of Switzerland’s largest banks as a global leader in the institutional digital assets industry.

After the US presidential elections and with rapid market developments, RULEMATCH Spot On host Ian Simpson sat down with Julius Baer Associate Director and Next Gen Research Analyst Manuel Villegas to take a closer look at how digital asset research works at Julius Baer and how the bank is thinking about the asset class.

Along the way, Ian and Manuel discussed the implications of Donald Trump’s election, the market developments after crypto spot ETFs in the US and what all the numbers might mean for the next evolution of the market.