RULEMATCH Spot On - Making a Market

Consistent liquidity in crypto markets has never been more important than now. With the shift away from purely retail-driven buying and selling, market makers take on an even more essential role. But as new financial products with crypto underlyings come to market - and market structures and trading models evolve, how the dynamics change? Will RFQ models and CLOBs exist in parallel? How will opening and closing times in TradFi influence market movements? RULEMATCH Spot On host Ian Simpson welcomes Flow Traders Global Head of Digital Assets Michael Lie to the podcast to discuss all this - and more. (:47) - Intro and crypto history at Flow Traders (4:59) - Understanding market making (6:35) - Crypto and TradFi market making compared (7:40) - Evaluating the risks and opportunities in a new market like crypto (10:05) - Mitigating counterparty credit risk with exchanges (14:42) - Adapting to a lack of post-trade settlement and low latency infrastructure in crypto markets (19:17) - HFT activity in crypto - past and future (20:45) - How Flow Traders makes a market across different crypto market models (25:50) - Transparency for institutional players in crypto markets (27:42) - Advantages of post-trade over atomic settlement (30:13) - The particulars of price discovery in crypto (31:49) -Regulation and the development of spreads in crypto markets (34:39) - MiCA, stablecoins and the euro stablecoin project of Flow Traders (43:09) - A look back at spot BTC ETF launch in the US (46:25) - Thoughts on an ETH ETF --- Michael Lie LinkedIn ⁠RULEMATCH LinkedIn ⁠ ⁠RULEMATCH X ⁠ ⁠Ian Simpson LinkedIn⁠ ⁠Ian Simpson X⁠ Disclaimer: The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.