DBS Group Holdings, on Oct 28, announced that it is the first bank to tap into the MaxxDigital solution to enhance its digital asset trading business. The move will enable the bank to provide straight-through trading from Request for Quote (RFQ) through to trade settlement on a 24/7 basis.
MaxxDigital by MaxxTrader, a Singapore Exchange (SGX) Group company, is a new digital asset trading solution to trade digital assets with top-tier market makers.
According to a release by MaxxTrader, the company has a strong global client and dealer franchise, with over 100 global and regional banks, broker-dealers and hedge funds currently trading on its platform.
Through its MaxxDigital solution, MaxxTrader says it aims to “address legitimacy and stability concerns among digital assets communities regarding trading counterparties and technology partners”.
MaxxDigital has the ability to price, trade and distribute any cash or tradeable tokenised digital assets. It aims to solve the current execution challenges in digital asset trading by introducing market-proven TradFi best execution. The solution also incorporates state-of-the-art 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.
“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,” says Manish Kedia, CEO of MaxxTrader.
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“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,” says Jacky Tai, managing director, group head of trading and structuring of DBS’s treasury and markets department.
“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,” Tai adds.
“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 tokenised traditional assets. This is an exciting development for SGX FX as we continue to bring unrivalled trading solutions for global market participants,” says Lee Beng Hong, senior managing director and head of fixed income, currencies and commodities (FICC), SGX Group.
