Tassat, a fintech provider based in New York, has entered into a partnership agreement with Blockfills, the digital asset maker. The partnership between the two companies is aimed at helping them introduce TAS (an institutional Trade at Settlement) product for spot BTC (XBT/USD).
According to a report published by Hedgeweek on November 18th, Blockfills, a company that has specialized in the making and trading of electronic digital assets, as well as in prime brokerage, it’s expected to combine forces with Tassat to unveil the TAS product by mid-December. Tassat was previously known as trueDigital.
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TAS is described as a specific kind of electronic book order that makes it possible for shoppers and brokers to trade at or close to the settlement amount that was identified during a particular period of discrete fixing.
The product is commonly used in the derivatives markets for a broad array of underlying assets. Normally, this model is meant to assist in reducing uncertainty as well as to get rid of slippage during trade execution. It does this by being able to create a determined charge for all participants to use during trading.
For this particular BTC TAS product, the reference rates provided by Tassat are to be constructed using combined institutionalized quotes from more than ten worldwide digital asset market makers. This will then be used to come up with the settlement price that is to be applied for each window.
The trading platform provided by Blockfills will come in handy in managing the flow of orders, settling trades, executing, as well as matching all the orders. According to Josh Gibson the director of sales at Tassat:
“TAS provides a way to offset the risk of price movements on their futures positions and/or rebalance the gamma on options positions with no risk of excessive slippage. With the growth of digital asset derivatives, participants of all kinds will need new and efficient ways to hedge their positions.”