The Swiss exchange Rulematch, operating on Nasdaq technology, has announced its entry into the market. This platform offers services similar to traditional banking and collaborates with seven financial organizations, including Banco Bilbao Vizcaya Argentaria (BBVA) from Spain, a pioneer in digital assets, and other major institutions.
Rulematch will offer spot market trading of cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) paired with the US dollar (USD), targeting institutional participants. The platform plans to use digital asset storage technologies from Metaco. Special attention is also given to pre-trade risk checks using the Nasdaq system, including transaction matching and market activity monitoring.
Following incidents like the collapse of the FTX cryptocurrency exchange, institutional interest in digital asset trading has declined. Investors have become more cautious. The company asserts that investors now trust only those processes that resemble operations in the traditional finance sector, focusing on segregated functionality and strict compliance with laws and market rules.
As stated in the press release, Rulematch will provide clients with anonymous access to a central book of limit orders with a 30-microsecond execution time, as well as integrated post-trade settlement with multilateral clearing. Initial liquidity will be supported by market makers Flow Traders and Bankhaus Scheich Wertpapierspezialist.
In an interview, the exchange's CEO David Rigelnig noted that participants not meeting the standards of a regulated market dominate the spot cryptocurrency market. According to him, the functions of crypto trading platforms are more akin to brokers than exchange platforms, which is one of the reasons for establishing Rulematch.
Rulematch has received support from Dutch companies Flow Traders, Consensys Mesh, and FiveT Fintech, formerly known as Avaloq. Besides BBVA, the platform will also be used by the German DLT Finance.
