In the FX spot market, CRYEX will offer an order driven platform in an exchange architecture where the Central Counterparty Clearing system (CCP) will enable it to build scale and where its settlement over a commercial bank balance sheet provides a a one day settlement schedule, i.e. T+1.
Trade matching will be done in the Cinnober system TRADExpress. The system runs a Central Limit Order Book (CLOB) with a matching algorithm that executes trades on a price-internal-time priority where all Trading Members are treated equally. Prices are fully executable with real time market data dissemination both pre and post trade. The trading system will also offer off-exchange trade reporting. Participants will be Trading Members who use a Clearing Member for clearing and settlement.