DBS selects MaxxDigital to optimise execution in digital asset trading
Singapore, October 28, 2022 – MaxxTrader – a Singapore Exchange (SGX Group) company – announced today MaxxDigital, a new digital asset trading solution to trade digital assets with top-tier market makers. This marks the inaugural launch of MaxxDigital and MaxxTrader’s entry into the digital asset trading space. DBS is the first bank to tap into the MaxxDigital solution to enhance its digital asset trading business by providing straight through trading from Request for Quote (RFQ) through to trade settlement on a 24/7 basis.
MaxxTrader has a strong global client and dealer franchise, with over 100 global and regional banks, broker-dealers and hedge funds currently trading on its platform. Leveraging over two decades of experience in offering end-to-end multi-asset trading solutions to institutional clients, MaxxTrader with its MaxxDigital solution aims to address legitimacy and stability concerns among digital assets communities regarding trading counterparties and technology partners. MaxxDigital offers the ability to price, trade and distribute any cash or tradable tokenized digital assets and looks to solve the current execution challenges in digital asset trading by introducing market proven TradFi best execution.
MaxxDigital incorporates state-of-the-art over the counter (OTC) foreign exchange (FX) execution features for digital assets trading, as well as streaming, Request for Stream (RFS) and Request for Quote workflows. Users will gain access to a deeper liquidity pool, ranging from OTC exchanges and market makers (MMs) to electronic communication network (ECN) and exchanges offering listed crypto futures and they can trade via MaxxTrader desktop, web and/or mobile application. They can also leverage native MaxxTrader algorithms for digital assets trading such as time-weighted average price (TWAP) and volume-weighted average price (VWAP), as well as basket trading algorithms for constructing and trading custom digital assets baskets and/or hedging exposure for exchange-traded funds (ETFs). Future plans include adding new algos to achieve best execution and reduce transaction costs.
Manish Kedia, CEO, MaxxTrader, stated: “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. 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, Managing Director, Group Head of Trading and Structuring, Treasury and Markets, DBS, said: “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.”
Lee Beng Hong, Senior Managing Director & Head of FICC, SGX Group, noted: “As an industry leader in multi-asset market infrastructure development, SGX Group is making strides in applying new technologies in enhancing workflows, particularly in FX and fixed income markets. MaxxTrader’s stable infrastructure fills an essential gap in the market with its introduction of institutional grade solutions, delivering cutting edge technology that works for both crypto and any other tokenized traditional assets. This is an exciting development for SGX FX as we continue to bring unrivalled trading solutions for global market participants.”
A gateway to the global FX ecosystem, SGX FX uses cutting-edge technology to facilitate institutional clients’ risk management and trading needs in major currencies across various FX instruments. MaxxTrader, together with another SGX Group company – BidFX – provides FX OTC buyside and sell-side solutions. In addition, SGX CurrencyNode, an FX electronic communication network (ECN), connects global participants anonymously to unique and deep OTC FX liquidity pools.
MaxxTrader, an SGX Group company, is a leading provider of FX pricing and risk solutions for sell-side institutions including banks and broker-dealers as well as a multi-dealer platform for hedge funds. Designed to allow institutions to privately aggregate and issue price information to the markets and clientele, MaxxTrader is a complete turnkey, front-end white labelled solution allowing client orders to trade directly with the trading desk, or back-to-back with all liquidity providers.
MaxxTrader offers off-the shelf or white labelled Desktop, Web and Mobile apps, along with distribution on the FIX API and integration with all the major distribution channels. It covers an end-to-end workflow that includes Aggregation, Price creation, Distribution, Order Management, Margin Engine, Risk Management and Auto-hedging strategies. It has an out-of-the box Algo suite such as TWAP, VWAP and Basket trading, that can be used internally and offered directly to clients. The solution is hosted out of NY4, LD4, TY3 and SG1 data centres to ensure the low latency access to market markers for order matching and execution.