London-based digital, multi asset exchange ecosystem, MAX Markets Limited (MAX), announced its first steps in UK regulated Market launch. MAX serves professional investors and offers regulated marketplace, subject to FCA approval, to enable the buying and selling of cryptocurrencies, security tokens and other digital assets.
MAX provides access to digital products through secure and regulated channels which highlights the shift from traditional to digital exchanges including post trade. Currently, investors are expected prefund digital activity with their inventory disabled in a closed ecosystem of the exchanges choosing. MAX facilitates inventory mobility, within a familiar market structure as an essential feature will be access to third party digital asset exchanges and custodians as well as access to fiat banking using a middleware layer.
MAX has engaged in various opportunities while developing the supporting infrastructure over the last year. The company recently applied to the FCA for a UK Multilateral Trading Facility (MTF) licence. The ecosystem will cover up to 3 exchanges (UK, Switzerland & in Asia), a guarantee fund (ensuring contract performance) and a digital custodian.
MAX will use its digital assets network and its industry team’s experience in financial markets infrastructure business and operations. Amon the names of the people whose expertise will be leveraged are: Hirander Misra, Deputy Chairman, and Scott Riley, Chief Post Trade Officer, who were previously co-founders of Chi-X Europe and Tony Harrop, Director of Technology, who was formerly CTO at PLUS Markets Group (now NEX Exchange).
Scott Riley, Chief Post Trade Officer of MAX commented:
I am delighted to participate in this unique opportunity as digital is a hugely exciting market development and it is here to stay.
Participants want access and product, customers want certainty and recourse and we’re just giving them the technology and governance to achieve that for this new asset class in a framework they are familiar with.
Among the experienced Non-Executive Directors are Dr. Iain Saville, ‘father of CREST’ expert in securities and settlement, who was named Chairman; Director John Holland, who is Chairman of KCG Europe and was previously board member of UBS Investment Bank, has deep experience in global broking and market making; and Director June Aitken, an experienced NED and ex HSBC and UBS senior executive, with a vast experience in global equities and emerging markets.
Among the finding shareholders are GMEX Holdings Limited, part of GMEX Group Limited , a digital exchange and post trade technology provider, who will supply its GMEX Fusion technology platform, as well as DAG Global.
Hirander Misra, Chairman and CEO of GMEX Group and Interim CEO of MAX, said:
After the success of Chi-X Europe and our rewarding working relationship, it has been great to take on the challenge of launching a London based digital assets ecosystem, alongside Scott.
The team behind MAX is exceptional and the expertise they bring in the banking, exchange and regulatory space alongside digital assets expertise coupled with strong partnerships will place MAX at the forefront of the market.
Sean Kiernan, Founder and CEO of DAG Global, noted:
DAG is excited to be part of this new venture and bring its network and associated business opportunities to the platform.
We will also look to expand MAX’s solutions to include the addition of merchant banking services in the future.
Eterna Borderless Venture Studio, an initiative run by blockchain industry firms to support the growth of the Algorand ecosystem, announced that MAX has been chosen to receive support, mentorship, training and funding to build on the Algorand platform. Algorand built the world’s first open, permissionless, pure proof of stake blockchain protocol to enable frictionless finance and economic exchange.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.