TT users eligible to trade on Deribit will be able to access all listed products, including bitcoin (BTC) and ether (ETH) futures, perpetual and options contracts. Dutch-based (for another month) Deribit, founded in 2016, is now the fifth crypto-only exchange that TT supports, alongside BitMEX, CoinFLEX, Coinbase and Bakkt.
Amid increasing activity within the crypto derivatives market, software maker Trading Technologies (TT) announced Wednesday it would provide trading tools to users of leading crypto exchange, Deribit.
Included in the suite are advanced order types, charting and analytics as well as access to a feature allowing users to create algorithms for bot trading.
TT’s vice president of cryptocurrencies, Michael Unetich, said demand for crypto derivatives was strong in regions such as the U.S., Asia and Europe.
«We hope to provide trading access to the highest volume derivatives exchanges in the world. CME is one leading derivatives venue, while others are located in Asia,» Unetich said.
Trading Technologies creates professional trading software, infrastructure and data solutions for a wide variety of users including proprietary traders, brokers, money managers, chartered tax advisors (CTAs), hedge funds, commercial hedgers and risk managers. Traditional financial institutions like Goldman Sachs, stock exchanges like the Johannesburg Stock Exchange and Europe’s largest derivatives exchange Eurex also use the 25-year-old firm’s tools.
Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based blockchain investment and trading firm, said TT’s connection to Deribit was a “massive show of confidence” for the “exploding” options market.
“TT’s long-credible history and impressive user base combined with Deribit’s experience as one of the first crypto options platform is an exciting match that should significantly increase volumes over time”, Chu said.
Commenting on the Asia-Pacific region for retail investors, Chu said the TT and Deribit partnership would “expand the options markets for Asian traders through a familiar and trusted platform.”
Indeed, the BTC options market saw a large amount of activity on January 14, according to data provider Skew, with Deribit outstripping the competition to reach the highest amount of options traded in nearly two months. That activity has since cooled while the spot price of BTC is currently changing hands for $8,722, CoinDesk BPI data show.
Su Zhu, co-founder at Singapore-based crypto investment firm Three Arrows Capital, told CoinDesk the new options exchanges such as OKEx, CME and Bakkt are driving more volume to Deribit as the central primary liquidity venue for options.
“This month is shaping up to be the largest volume month ever for options”, Zhu said.
Deutsche Bank Joins JPMorgan’s Crypto Payments Network
JPMorgan’s blockchain-based payments initiative has added Deutsche Bank as its latest member.
The addition brings the total number of banks signed up for the Interbank Information Network (IIN) to 320, according to a report from the Financial Times on Sunday.
Announced in October 2017, IIN is built on Quorum, the ethereum-based blockchain network developed by the banking giant, and employs a stablecoin dubbed JPM Coin. JPMorgan said at the time that the platform would slash the time and costs required when resolving interbank payments delays.
IIN saw the start of remittance trials with JPMorgan’s client banks in June.
As per the FT report, the bulk of the member banks use JPMorgan to process USD payments. Deutsche Bank, though, ranks number one globally for clearing of euro-denominated payments.
Takis Georgakopoulos, managing director of treasury services at JPMorgan, told the newspaper that, since IIN would be have “very big natural limitations” if IIN members were only drawn from the bank’s client pool, the addition of Deutsche Bank “is going to help us drive towards ubiquity.”
IIN brings efficiencies by writing all the data on payments a shared ledger, thus allowing problematic payments to be resolved more quickly and with less manual processes, said Deutsche Bank’s global head of cash management, Ole Matthiessen.
With his bank having recently cut back its investment banking business and now relying more on transaction banking, he said joining IIN is “an important step” that would reduce Deutsche’s costs and also allow it to offer better services to clients.
Matthiessen added that IIN’s plan to have 400 members by the end of 2019 is on track, and that other major banking members are likely to be announced very soon.
