just now
Swiss-based institutional cryptocurrency trading venue Rulematch has announced its integration with Talos, an institutional trading technology provider for digital assets, enabling shared clients to access guaranteed liquidity directly through Talos' order and execution management system.
The partnership allows financial institutions using Talos' platform to trade on Rulematch's interbank spot crypto market without needing additional connectivity infrastructure. Rulematch operates as an institutional-only trading venue with stringent market access controls and a market structure modelled on traditional finance.
Founded in 2021, Rulematch features a defined trading day, opening and closing auctions, and T+1 multilateral net settlement using delivery versus payment. The venue offers execution speeds down to 25 microseconds and currently supports spot trading in Bitcoin, Ethereum and USDC against US dollars.
"We are excited to join forces with Talos with the goal of better serving the broad range of financial institutions doing business in crypto," said Stefan Lütolf, Chief Commercial Officer at Rulematch. "With this integration, our shared clients can benefit from the increased capital efficiency, reduced counterparty risk, and enhanced compliance of Rulematch – while also using the many features of the Talos system."
Rulematch operates as a neutral market operator using a central limit order book format, bringing together institutional buying and selling interests. The platform provides guaranteed liquidity through designated market makers and liquidity providers, while leveraging Nasdaq's pre-trade risk, matching engine and surveillance technology.
The trading venue restricts access to regulated financial institutions from Switzerland and equivalently regulated countries. All participants undergo verification processes, ongoing trading oversight and transfer screening to maintain what the company describes as the highest standards of compliance and market integrity.
"We are thrilled to add Rulematch to the Talos Provider Network," said Daniel Packham, VP and Head of EMEA Operations at Talos. "Their focus on an institutional-only participant base, combined with high-grade market controls and technology, directly supports our goal to offer clients access to the most trusted and compliant liquidity venues globally."
The integration expands Talos' network of connected liquidity providers, enabling its institutional clients to access additional trading opportunities through a single interface. Talos' platform connects institutions to various participants in the digital asset ecosystem, including exchanges, OTC desks, prime brokers, lenders and custodians.
Rulematch's participant network is limited to banks and securities firms from select countries, with US-based financial institutions excluded from the platform. Fiat funds are held in fiduciary accounts with a state-guaranteed, AA+-rated Swiss bank, while cryptocurrencies are managed through fully segregated wallets.
