The trade matching technology that the London Stock Exchange platform uses will be adopted by an upcoming Cryptocurrency exchange platform. The new network that is being launched in Hong Kong is set to be live in the course of the first half of 2019 and is expected to be a game changer in the Digital Assets market.
London’s Stock Exchange trade matching technology is known as the Millennium Exchange matching engine and the Crypto exchange platform will be known as AAX. AAX will be owned by ATOM Group-a Hong Kong-based fintech firm.
About The Millennium Exchange Matching Engine
Millennium Exchange trading is a platform that offers a unique platform where users can interact in “trader group” messaging. It has five user interfaces such as FIX trading gateway, Native trading gateway, FIX post trade gateway, and FIX drop copy gateway. These gateways serve different functions as required by either user.
These functions include; order mass cancel report, order cancel reject, request and execution report, order cancel/replace, order mass cancel request, order cancel request, new order single, quote status report, mass quote acknowledgment, missed message request, etc. It is interesting to note that these requests can be inbound or outbound deepening on the traders’ needs.
Millennium Exchange Matching Engine Is Popular
Apart from the AAX Crypto exchange the expected adoption of the Millennium Exchange Matching Engine, other platforms already use and they have been reporting massive benefits due to the efficiencies that the system proffers. They include Singapore Exchange (SGX), the Hong Kong Stock Exchange (HKEX), among others.
According to an independent news brief from ATOM Group on 22nd January, the tech solution from LSE also offers other tools that are needed to make a Crypto exchange platform competitive and the best- of-a-kind.
The CEO of ATOM Group, Peter Lin, is convinced that AAX will have a “safe, trusted and secure” platform because of the technology and that more institutional and retail investors will be able to purchase Cryptos. Further, the CEO reveals that the Millennium Exchange Matching Engine will allow AAX to provide a scalable and compliant Crypto market platform.
To enhance the security features of AAX, the firm will partner with Kroll, a US-based cybersecurity firm, to protect account holders’ wallets.
Merging Stock Markets And Crypto Markets
The fact that a solution such as the Millennium Exchange matching engine can be used to power a Crypto exchange platform gives hope that the traditional financial industry and the upcoming Crypto markets industry can be merged to achieve a common goal of overhauling financial systems.
For instance, in April 2018, Crypto exchange Gemini acquired SMARTS Market Surveillance technology from Nasdaq with an aim of detecting illicit activities such as price manipulation. DX. Exchange has also acquired a similar technology from Nasdaq, and the trend indicates that the trend is about to become the norm.
Meanwhile, the LSE has been trying to overhaul its technology by even embracing Blockchain. In this regard, the matching engine is one of the best technologies that Crypto exchanges and even stock markets can adopt to revolutionize their services.