Challenge the CME and the Cboe in the bitcoin derivatives business? HA HA! Challenge the CME and the Cboe in ANY market, HA HA HA!! Ah, but yes, there are some entrepreneurs who are ready to do just that. Meet EverMarkets which just announced it is coming out of the shadows to channel the IEX model in the current futures/options markets for cryptocurrencies. EverMarkets, a crypto-company, is building a trading platform that plans to trade other digital assets in addition to crypto futures, wants to de-emphasize speed in execution to better smooth out markets. Kind of a “hurky-jerky” block trading concept. Interesting but taking on the CME or Cboe? What do those guys do to relax? Swim with great white sharks?
Bill Taylor/Managing Editor
“Michael Lewis’ hit 2014 book, “Flash Boys,” chronicled the journey of Brad Katsuyama and his scrappy group of former traders who set out to prove that Wall Street’s speed-traders were rigging the markets.
Four years after the book’s debut, a group of former Wall Streeters are setting out to do something similar in the nascent market for digital currencies.
Meet EverMarkets: A crypto-company building a trading platform to one day rival the bitcoin futures markets on CME Group and Cboe Global Markets. Trading of other assets, in addition to crypto, will also take place on the platform.The point of the upstart, similarly to Katsuyama’s IEX, is to de-emphasize speed in trading, but in cryptocurrency futures, not stocks.
EverMarkets plans to shake up the market for crypto futures, which is dominated by Wall Street’s high-speed traders, by moving it onto the blockchain and changing the method by which contracts are traded. Instead of the continuous model, in which securities are executed as soon as an order is placed, EverMarkets will run off an auction model. In such a model, trades are all collected and then matched at a specific point in time…”