Talos network adds first crypto ECN, CROSSx

Rick Steves

“CROSSx’s speed of execution and configurable liquidity, coupled with no quote restrictions on makers, are designed to give clients the best trading experience: together, these features help to compress spreads and lower market impact.”

Talos has welcomed Crossover’s CROSSx institutional crypto trading venue to its existing provider network that connects digital asset exchanges, OTC desks, prime brokers, lenders, custodians, and more, through a single point of entry.

CROSSx is the first ECN to integrate with Talos and will provide Talos users with access to its tailored liquidity, high-speed trade execution, and tight spreads.

Designed to cut the cost of trading and limit market impact, CROSSx focuses on the best trading experience via speed of execution, configurable liquidity, and no quote restrictions on makers.

Customize your liquidity interactions

Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, said: “Talos delivers transparency in post-trade analytics to institutional clients that are experiencing a material change in market structure. Clients demand lower costs of trading, in terms of both spreads and market impact, which is a data point being discussed more frequently in digital. CROSSx’s speed of execution and configurable liquidity, coupled with no quote restrictions on makers, are designed to give clients the best trading experience: together, these features help to compress spreads and lower market impact. We believe that combining Talos’s robust analytics with CROSSx’s ability to deliver performance at scale is a powerful partnership that institutional clients will enjoy.”

Anton Katz, Co-Founder and CEO of Talos, commented: “Talos and Crossover Markets share a heritage rooted in traditional finance and a mission of delivering a trading experience that meets the unique requirements of institutions. We are excited to be able to connect our clients with CROSSx, a unique venue in the digital asset landscape that offers clients the ability to customize their liquidity interactions while being optimized for speed, an important factor when trying to achieve best execution.”

Crossover’s CROSSx executed over $4 billion in Q1 2024

Last month, Crossover Markets reported that CROSSx executed 415,450 trades worth a notional trading volume of $3,153,752,406 in Q1 2024. The firm further announced that the digital asset platform’s Q1 execution times, using industry-standard measurements, were:

  • Order to acki – 75% below 7μsec and 99% below 10μsec
  • Order to feedii – 75% below 8μsec and 99% below 11μsec

Dedicated to meet the unique liquidity requirements of institutions in the cryptocurrency markets, Crossover Markets launched CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN).  Crossover’s crypto ECN has grown in reputation for its matching engine and advanced order logic. Since its launch in early 2023, Crossover has onboarded several leading brokerage firms, including Exness, Pepperstone, TMGM, GCEXOuinexHidden Road, and Tradu.

Crossover Markets recently joined forces with Cboe Digital to offer a U.S.-regulated clearing solution for trades across multiple digital asset execution platforms. Crossover’s CROSSx became the first external technology venue to provide connectivity to Cboe Digital.

To complement this relationship with a US-based clearing broker, Crossover expanded its data center footprint to Equinix’s NY4, adding to its existing presence in Equinix’s LD4 for international counterparties.

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