Rulematch Exchange Launches with Nasdaq Technology

Switzerland's Rulematch Exchange, powered by Nasdaq technology, has officially made its debut in the financial market. The exchange is set to provide institutional participants with the opportunity to engage in spot trading of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) paired with the US Dollar (USD). Notably, Rulematch will cater exclusively to a select group of institutional participants.

The platform intends to leverage digital asset storage technologies provided by the friendly company Metaco. Additionally, the service will conduct "pre-trade risk checks," in line with Nasdaq's market surveillance, considering trade matching and market oversight features.

In the aftermath of events like the cryptocurrency exchange FTX's crash, institutional interest in digital asset trading has significantly declined. Investors have become more cautious, preferring processes that mimic traditional finance sector actions, emphasizing segregated functionality and strict adherence to laws and market regulations, according to company management.

According to a press release, Rulematch will offer clients an anonymous central limit order book with a 30-microsecond execution time, along with integrated post-trade settlement with multi-party clearing. Initial liquidity will be guaranteed by market makers Flow Traders and Bankhaus Scheich Wertpapierspezialist.

David Rigelnig, the exchange's CEO, stated in an interview, "In the cryptocurrency spot market, participants that do not meet the high requirements of a regulated market dominate. The combination of functions performed by cryptocurrency trading platforms makes them more like brokers than exchange platforms. That's why we decided to launch Rulematch."

Rulematch is backed by Dutch companies Flow Traders, Consensys Mesh, and FiveT Fintech (formerly known as Avaloq). In addition to BBVA, the platform will be utilized by German DLT Finance.