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HomeDigital AssetsFinery Markets' security goes beyond best practices, cybersecurity firm UnderDefense finds
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Finery Markets’ security goes beyond best practices, cybersecurity firm UnderDefense finds

Finery Markets, the OTC multi-dealer electronic marketplace for crypto businesses and institutions has achieved top security grade in web application penetration testing.

Finery Markets platform is also available as a white-label solution for prime-brokers, OTC desks, and exchanges that are looking to develop and expand client business.

Top security at Finery Markets

The trading solutions provider for crypto markets has successfully completed a comprehensive Web Application Penetration testing, carried out by globally recognized cybersecurity consulting firm UnderDefense between April 28 and May 8, 2023. The security framework of our Web Application was honored with an outstanding grade of “A”.

Per UnderDefense’s grading criteria, this “A” grade signifies that the security protocols at Finery Markets go beyond the “Industry Best Practice” standards. Overall security posture was deemed excellent, with only a handful of low-risk findings, all of which have been fully addressed and resolved by our product team.

The testing procedures were conducted in line with global standards, such as the Penetration Testing Execution Standard (PTES), the OWASP Top 10 Application Security Risks, the OWASP Web Security Testing Guide, and the Open Source Security Testing Methodology Manual (OSSTMM).

Ilya Drozdov, Co-founder and CTO of Finery Markets, said: “At Finery Markets, we understand the paramount importance of security in today’s digital world. We aimed to evaluate our current level of business security with the assistance of leading industry experts, identify any gaps in our cybersecurity posture, and scrutinize our IT environment for potential weaknesses. This was a demanding task, but we were always determined in our commitment to safeguarding our customers’ information. Furthermore, we are persistently working to enhance our IT security measures and improve our operational processes. Receiving an ‘A’ grade is a testament to our dedication to staying at the forefront and doing whatever is necessary to maintain exceptional security.”

Finery Markets provides solutions throughout the whole trade lifecycle:

  • High performance execution venue with deep institutional liquidity and firm quotes
  • Price intelligence and pre-trade risk management tools
  • Position management, risk controls, reporting tools, and cost analysis, as well as flexible settlement based on a non-custodial model
  • Single entry-point to aggregated liquidity from global liquidity providers via API and GUI
  • Robust infrastructure: 99.99+% uptime and full automation

Finery Markets launched FM Liquidity Match

Finery Markets has recently gone live with FM Liquidity Match, a solution that enables market players to launch a fully electronic OTC trading business and manage client relations throughout the entire trade cycle.

The platform comes with a proprietary matching engine and operates through a sub-account model, allowing for easy customization and management of risk limits, positions, and trading history.

The product is offered as an electronic OTC-as-a-service that allows users to access liquidity for digital assets in an electronic and automated way. FM Liquidity Match has already onboarded Floating Point Group, a provider of trading infrastructure for digital assets, as its first user.

FM Liquidity Match utilizes a sub-account model to provide unique OTC trading experience for digital assets providers. Specifically, a master account is created by each broker, prime-broker, OTC-desk, or liquidity provider, which then opens multiple sub-accounts to serve the different segments of its client base via GUI or API.

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