The AAX cryptocurrency exchange, which the FINTECH company from Hong Kong, ATOM Group is preparing to launch, will use the Millennium Exchange bid matching technology developed by the London Stock Exchange (LSE).
LSEG Technology Selected by ATOM to Power AAX Digital Asset Exchange https://t.co/ZhId2aYCt0 pic.twitter.com/Uosduc6HG6
– AAX Exchange (@AAXExchange) January 22, 2019
According to the message of the LSE Group, AAX will be launched in the first half of 2019 and will be the first digital asset exchange that uses this technology.
According to Peter Lin, CEO of ATOM Group, the Millennium Exchange will create a platform that enables safe implementation of cryptocurrency transactions for retail and institutional customers, and will also ensure its “scalability and regulatory compliance”. The AAX website also states that OTC deals with cryptocurrencies will be available to customers.
The Millennium Exchange technology and other LSE Group products are also used by other major trading institutions, including the Hong Kong Stock Exchange (HKEX), the Johannesburg Stock Exchange (JSE), the Singapore Stock Exchange (SGX) and the global broker TP-ICAP.
In a separate statement, ATOM Group states that the security of the platform will be provided by the UK-based Kroll, a leading cybersecurity company.
Today's announcement was made at that time, as the issue of security and speed of cryptocurrency platforms is becoming increasingly important, especially from the point of view of the prospects of attracting traditional investors.
A number of exchanges have developed their own solutions, others resort to the services of third-party suppliers. For example, in November last year, the leading European stock exchange Bitstamp announced its decision to abandon its own engine and replace it with a new Cinnober trading system. Bitstamp also announced the introduction of a platform from Irisium to track suspicious activity and market manipulation.
Earlier in 2018, the New York Stock Exchange Gemini announced a partnership with Nasdaq, under which it began to use the latest SMARTS Market Surveillance technology to track trade manipulations.
In addition, the Nasdaq trading engine is based on the DX.Exchange , the Estonian stock exchange that launched this year.
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