Rulematch, A Swiss Crypto Exchange for Banks, Goes Live with Spanish BBVA.
Rulematch is a new cryptocurrency exchange in Switzerland for banks. It uses Nasdaq technology and has seven banks on board, including Spain’s digital assets pioneer, Banco Bilbao Vizcaya Argentaria.
Rulematch will leverage the crypto custody technology of bank-friendly Swiss Metaco as well as Nasdaq’s pre-trade checks, trade matching and market monitoring capabilities.
After the collapse of FTX last year, institutions are now more interested in trading cryptocurrencies. They have adopted a number of methods that are very similar to traditional finance. The focus is on separate functionality and strict compliance with market regulations.
According to a press release, Rulematch is intended to give companies the usual institutional feeling. These include an anonymous central limit order book with execution times of 30 microseconds as well as multilateral clearing and integrated post-trade settlement. The advance liquidity is guaranteed by designated market makers such as Flow Traders and the Germany’s Bankhaus Scheich Wertpapierspezialist.
CEO David Riegelnig stated in an interview that “the crypto spot market is dominated by players who don’t really meet the high standards of a regulated player.” “Especially the combination of functions that crypto exchanges typically perform and the “Making it more of a broker than an actual exchange is what motivated us to introduce Rulematch.”
FiveT Fintech (formerly Avaloq) and Netherlands-based Consensys Mesh support Rulematch. DLT Finance, a German company, also uses the platform. Riegelnig stated that most of the other institutions involved in this project did not want to be named at this point.
“We are in discussions with many other banks.” Riegelnig explained that the onboarding process takes a long time. “There is a lot of work to do on both sides and we only select areas of law that meet OECD/FATF requirements. So places like the European Union and the United Kingdom and Singapore.”
