Tassat, Blockfills Collaborate On Bitcoin ‘Trade-At-Settlement’ Spot Product

News | November 14, 2019 By:

Institutional digital assets platform Tassat is collaborating with Blockfills, a market maker-cum-aggregator of prices of cryptocurrencies, to introduce an institutional Trade at Settlement (TAS) product for spot bitcoin (XBT/USD).

Based in New York, Tassat is a global financial technology provider of innovative solutions to financial markets utilizing blockchain-based technologies to enable frictionless asset transfer and settlement. The firm has also created the first-of-its-kind margined deliverable swap contracts on bitcoin as well as the first institutional OTC-based digital asset reference rates.

Blockfills claims to be the first electronic, off exchange, digital liquidity provider operating an electronic communication network model (ECN). The company sources its liquidity from the world’s largest non-bank trading institutions. It then match their clients to the best available price across their liquidity pools while completely eliminating the heavy lifting of sourcing price discovery.

The TAS product, which is expected to be available for trading in December of this year, will reportedly enable institutions to submit block orders in bitcoin at defined price spreads from the mid-market, at three specific times during each day: 15:00 Hong Kong Time, 15:00 Central European Time (Paris) and 15:30 Central Standard Time (Chicago).

“The settlement price at each window will be derived from Tassat’s robust bitcoin reference rates, based on executable, aggregated institutional-size quotes from over ten leading global OTC digital asset market makers,” said Tassat. “The Blockfills trading platform will handle the order flow, matching, execution and settlement of these trades, utilizing its institutional-grade electronic trading infrastructure. Orders may be submitted on the Blockfills trading platform for a given TAS settlement time immediately after the conclusion of the prior session. Orders will be matched based on time priority at each spread level. Participants will be notified of their execution level shortly after the TAS price fixing time and transactions between counterparties will be settled no later than 60 minutes from notice of the execution price.”

Neil Van Huis, Director of Sales and OTC Trading at Blockfills, said that their goal at Blockfills is to establish a global digital asset trading and prime brokerage solution to help fuel innovation and institutional adoption of digital assets.

“This new TAS product will complement our existing offering of digital asset products and we look forward to leveraging on our already well- established partnership with Tassat,” Van Huis said.

Michel Finzi, Chief Commercial Officer of Tassat, said that they are very excited to be partnering with Blockfills to bring an important and proven execution methodology from the traditional markets to the growing digital asset marketplace.

“We design our reference rate products to be configurable so that they can be used for innovative products such as TAS and ultimately play a central role in the digital asset trading ecosystem,” Finzi said.