The trading technology and post-trade services firm recently launched its own centralised, blockchain-powered exchange, GMEX Fusion, which will be combined with ThinkCoin’s TradeConnect multi-asset trading network.

The combined service will provide options for both decentralised and centralised trading, including central limit order book (CLOB) and request for quote (RFQ) matching models, liquidity management, third-party crypto exchange connectivity and market data.

Traders will be connected to each other via artificial intelligence technology, and TradeConnect will replace commissions with a levy on all trades that will be rebated to network participants in proportion to their activity.  

“The ThinkCoin digital token and its associated TradeConnect network integrated with GMEX Fusion will provide traders with the most diverse blockchain-based multi-asset trading and exchange ecosystem on the market today,” said Hirander Misra, CEO of GMEX Group.

“This brings with it a substantial client footprint from the outset to ensure liquidity, which combined with the experience of the team has all the ingredients to make it a market leading proposition.”  

ThinkCoin’s chief executive and co-founder Nauman Anees, added that the partnership with GMEX will see both firms explore the full potential of and promise of blockchain technology.

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GMEX Technologies has developed a centralised, blockchain-powered exchange and post-trade service to meet demands from cryptocurrency exchanges.

Fusion offers a combination of GMEX’s technology with distributed ledger technology, providing a hybrid trading and post-trade service for exchange groups, clearing houses and central securities depositories.

It was created to support technological developments across the industry, and to address the demands from crypto exchanges and emerging market countries looking to improve operations.

GMEX Technologies stated crypto exchanges want to expand liquidity and attract new participants, but face regulatory and technological challenges implementing a strategy to achieve this.

Furthermore, traditional exchanges are currently looking to introduce blockchain technology but venues require support to integrate it with existing systems.

“We have created Fusion to address the increasing need for centralised and distributed technology to be implemented together,” said Hirander Misra, CEO of GMEX Group and chairman GMEX Technologies.

“We are delivering the latest blockchain… to ensure that the current world of centralised systems and new world of distributed enablement can coexist in parallel as part of a unique game changing hybrid paradigm.”

GMEX previously ventured into the cryptocurrency trading marketplace, after swap execution facility and commodities exchange Seed CX implemented its matching engine and market surveillance tool.

Seed CX received a strategic investment from cryptocurrency trading platform Bittrex in December, and is currently onboarding institutional participants ahead of the launch of its spot and derivatives crypto trading platform later this year.

“The current crypto trading eco-system suffers from fundamental issues including the lack of basic controls and redundancy, which leads to frequent flash crashes and system downtime,” said CEO at Seed CX, Edward Woodford. 

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GMEX Technologies has rebranded its exchange as London Derivatives Exchange (LDX) following a restructure which saw the business separate its exchange and technology units.

The new structure will integrate LDX with Global Derivatives Indices Limited (GDI) and aims to strengthen its product offering.

LDX plans to introduce new approaches to boost its interest rate swap constant maturity futures (IRS CMF) in various asset classes, to meet the needs of its clients.

The exchange will be led by former GMEX senior managers Vj Angelo as chief executive officer and James Davies as chief operating officer.

Sandy Broderick will continue as non-executive chairman of both LDX and GDI.

Phillip Simons, global head of fixed income sales, and senior expert Stuart Heath, both from Deutsche Boerse, will also serve as non-executive board members at LDX.

Societe Generale’s interests at the exchange will be looked after by its head of EMEA prime brokerage and clearing prime services, David O’Shaughnessy.

CEO at LDX, Angelo, explained the new structure marks the next phase of development for the company.

“Our aim is to work with our clients and the market place as a whole to resolve some of the many issues brought about by regulatory change and the current economic conditions,” he added.

Earlier this month, GMEX announced a restructure of the group allowing the technology business to focus on expanding partnerships with other global exchanges.

Hirander Misra, chief executive officer of GMEX Group, said at the time of the announcement, the separation will allow the business units to “focus their expertise on the distinct businesses.”

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