Talos Integrates Crossover Markets’ Crypto ECN

Crossover Markets has expanded the reach of its cryptocurrency electronic communication network (ECN), CROSSx, with its integration with Talos, a provider of institutional technology for trading digital assets.

An Advantage for Crypto Traders

Announced today (Monday), CROSSx has become the first ECN to be integrated with Talos. The integration of CROSSx will provide Talos users with tailored liquidity, high-speed trade execution and tight spreads.

“Talos delivers transparency in post-trade analytics to institutional clients that are experiencing a material change in market structure,” Brandon Mulvihill, co-founder and CEO of Crossover Markets. “Clients demand lower costs of trading, in terms of both spreads and market impact, which is a data point being discussed more frequently in digital.”

“We believe that combining Talos's robust analytics with CROSSx's ability to deliver performance at scale is a powerful partnership that institutional clients will enjoy.”

An Efficient Crypto Infrastructure

Crossover Markets launched CROSSx last year with promises to decrease trading costs, improve execution quality, and enhance market data capabilities. According to the company, CROSSx's matching engine has a sub-20 microsecond latency and a throughput of millions of messages per second, assuring faster pricing and trade executions.

According to the company’s latest figures, the crypto ECN handled more than $3.15 billion in trading volume in the first three months of 2024. It also executed 415,450 trades and processed over 141 billion quotes.

The efficiency of the platform was also verified as, in 75 percent of the trades, the time to match a trade and report the acknowledgement of the trade execution to relevant parties was below 7μsec, while it was below 10μsec for 99 percent of the trades. Further, 75 percent of the orders took below 8μsec to be represented in the market data, while 99 percent took below 11μsec.

“Talos and Crossover Markets share a heritage rooted in traditional finance and a mission of delivering a trading experience that meets the unique requirements of institutions,” Anton Katz, co-founder and CEO of Talos. said.