Bitnomial deploys Eventus trade surveillance package
Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, and Bitnomial, Inc. a digital asset derivatives exchange company that operates CFTC regulated exchange, clearinghouse and settlement businesses, today announced that Bitnomial Exchange has selected the Eventus Validus platform for all of its trade surveillance needs.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Bitnomial sought a comprehensive, scalable trade surveillance solution as the firm has grown extensively and expanded into new products and business lines.
Bitnomial and Eventus have had a strategic partnership since May 2021, when Eventus began providing seamless integration of order and execution flow on behalf of two large futures commission merchant (FCM) clients that are members of the exchange. Bitnomial Exchange’s decision to deploy Validus followed a review of both internal trade surveillance capabilities and the offerings of Eventus and other external providers as the exchange decided how best to build on its internal surveillance capabilities.
Michael Dunn, President of Bitnomial Exchange, commented on the news: “We are thrilled to adopt Eventus’ Validus platform to enhance our market surveillance capabilities. This partnership builds on our years of collaboration to support our mutual customers and deliver a secure, transparent and highly efficient trading experience. Integrating Eventus’ advanced surveillance tools with our proprietary, in-house surveillance system strengthens our commitment to compliance and transparency, while reinforcing the trust our clients place in Bitnomial Exchange.”
Eventus CEO Travis Schwab said: “Bitnomial continues to see phenomenal growth as an exchange business that can meet the needs of the most discerning institutional investors. Our extensive experience in digital assets globally, combined with internal markets and regulatory expertise and a best-of-breed solution, all played a role in this selection. We’re excited to build on our relationship and serve as a trusted partner supporting Bitnomial’s continued growth and the integrity of its markets.”
In August, Bitnomial Exchange announced record growth for the quarter ending on June 30 and over $130 million in notional value traded during the first half of 2024, representing a 1,081% increase during the same period in 2023. The Chicago-based exchange offering physically settled Bitcoin futures and options was founded in 2014 to provide a regulated, secure environment for institutional and professional traders to participate in cryptocurrency derivatives markets. Late last year, the CFTC approved Bitnomial’s clearinghouse, and the exchange recently introduced Hashrate futures in partnership with Luxor targeting Bitcoin miners.