San Juan Mercantile Exchange Finishes First Trades Using OTC Dark Pool For Digital Assets

San Juan Mercantile Exchange Completes First Trades Using OTC Dark Pool For Digital Assets

The San Juan Mercantile Exchange (SJMX) announced a new partnership with Mercury Digital Assets in order to createan OTC dark pool venue specifically designed for digital assets. The information was released by the exchange in a blog post on April 2.

SJMX Teams With Mercury Digital Assets

Mercury Digital Assets announced that they have signed a partnership with the San Juan Mercantile Exchange (SJMX) and the San Juan Mercantile Bank & Trust International (SJMBT) with the intention to create the SJMX Dark Pool and the SJMX Blocks. This will be the exchange’s over-the-counter OTC trading venue specifically designed for virtual currencies.

The firm has also announced that the first trades have also been completed using the new dark pool. These services have been created in order to provide liquidity for institutional users. It is possible to have access to them through a FIX API or using Mercury’s proprietary execution and order management systems (EMS/OMS), BEACON.

With BEACON, users can easily participate in the digital asset markets with the necessary reliability and efficiency they are searching for. It is possible to access to OTC and dark pools of liquidity. In order to offer a better service, Mercury has a specialized support team that is composed of trading pioneers and also innovators with experience in the financial market's technology.

Joe Piotrowski, the COO of Mercury, explained:

“Digital assets are important new trading vehicles that have seen broad adoption by traditional market participants. To meet the sophisticated needs of our institutional client base, we’ve worked diligently to deliver BEACON to our users to provide a reliable, professional-grade platform coupled with an intuitive UX. Further, SJMX has been an ideal partner for us as it prioritizes secure trading.”

The CEO of SJMX, Rick Beaman, said that they are proud to complete the inaugural trades using their ecosystem from execution to settlement. Their goal is to offer a secure and efficient infrastructure for institutional market participants that want to buy and sell digital assets.

Moreover, SJMBT created a new regulated solution that enables the SJMX Dark Pool to leverage real-time limit management, transaction settlement and also information aggregation.

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