From financemagnates by Damian Chmiel

Global algorithmic trading firm Wintermute has completed its first Request for Quote (RFQ) trade on Finery Markets' institutional crypto trading platform. The partnership establishes a hybrid trading model combining traditional order books with RFQ capabilities for institutional clients

Wintermute Executes First RFQ Trade on Finery Markets' Crypto ECN Platform

The execution establishes Finery Markets as the only cryptocurrency-native Electronic Communication Network (ECN) offering both RFQ and traditional order book trading mechanisms for institutional clients. This model aims to combine the transparency of order-driven systems with the liquidity benefits of quote-driven trading.

Konstantin Shulga, CEO and Co-Founder of Finery Markets

“Wintermute was a top choice for introducing the RFQ trading method through our ECN,” Konstantin Shulga, Finery Markets CEO, commented. “With the launch of RFQ, we are confident that our unique hybrid trading model offers the best of both worlds, combining the transparency and execution certainty of order-driven systems with the deep liquidity and minimal market impact characteristic of quote-driven models.”

RFQ is a trading process where market participants request price quotes from specific liquidity providers for a particular financial instrument. The quote is executable exclusively by the requesting party, creating a direct interaction between the buyer and seller.

The partnership comes amid substantial growth in over-the-counter (OTC) cryptocurrency trading, with Finery Markets reporting an 89% year-over-year increase in spot transactions during the first nine months of 2024.

Evgeny Gaevoy, CEO and Co-Founder, Wintermute

"By combining our extensive liquidity solutions across hundreds of digital assets with Finery’s ECN, we’re well positioned to support market participants in achieving higher quality trading and more efficient execution,” Wintermute CEO Evgeny Gaevoy added.

The collaboration leverages Wintermute's presence in digital asset markets, where it maintains trading relationships across more than 60 exchanges and processes billions in daily volume. Since July, the company is offering more than 350 crypto pairs to traditional finance thanks to the integration of oneZero's EcoSystem.