KUALA LUMPUR, Nov 14-- Tassat, a New York-based global financial technology provider, and Blockfills are partnering to introduce an institutional Trade at Settlement (TAS) product for spot Bitcoin (XBT/USD).
This product, expected to be available for trading in mid-December, enables institutions to submit block orders in Bitcoin at defined price spreads from the mid-market, at three specific times during each day - 3pm Hong Kong Time, 3pm Central European Time (Paris) and 3.30pm Central Standard Time (Chicago).
TAS, widely used in derivatives markets for other asset classes, is a specific type of electronic order book that allows buyers and sellers to trade at, or near to, a settlement price which is established during a discrete fixing period.
This model helps eliminate slippage in execution and uncertainty by giving participants a definite price to trade around.
This is in contrast to execution on retail spot exchanges, which can be laden with volatility, sudden price movements and significantly wider spreads.
The settlement price at each window will be derived from Tassat’s robust Bitcoin reference rates, based on executable, aggregated institutional-size quotes from over 10 leading global OTC digital asset market makers.
The Blockfills trading platform will handle the order flow, matching, execution and settlement of these trades, utilising its institutional-grade electronic trading infrastructure.
Participants will be notified of their execution level shortly after the TAS price fixing time and transactions between counter-parties will be settled no later than 60 minutes from notice of the execution price.
-- BERNAMA
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