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SGX's MaxxTrader launches digital asset trading solution with OTC FX execution

SGX’s trading technology subsidiary MaxxTrader has announced the launch of a digital asset trading solution that incorporates 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.

The digital asset trading solution is called MaxxDigital and allows users to access 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.

Users 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.

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.

DBS is first client of MaxxDigital

SGX’s MaxxTrader caters to a wide range of clients, including more than 100 banks, broker-dealers and hedge funds currently trading on its platform.

The firm leveraged its two decades of experience in offering end-to-end multi-asset trading solutions to institutional clients to develop MaxxDigital, which aims to address legitimacy and stability concerns among digital assets communities regarding trading counterparties and technology partners.

The first client using the MaxxDigital solution is DBS, which has deployed it on their digital asset trading business by providing straight through trading from Request for Quote (RFQ) through to trade settlement on a 24/7 basis.

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 honored 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 unrivaled trading solutions for global market participants.”

MaxxTrader, together with SGX’s subsidiary BidFX, provides FX OTC buyside and sell-side solutions. SGX’s electronic communication network (ECN) subsidiary, CurrencyNode, connects global participants anonymously to unique and deep OTC FX liquidity pools.