Institutional Trade-at-Settlement Product for Spot Bitcoin to be Developed by Blockfills and Tassat
Tassat and Blockfills entered into a strategic partnership to create an institutional Trade-at-Settlement (TAS) product for spot bitcoin (XBT/USD), which will expectedly to be open in the market for traders in mid-December. According to the report, this trading option will permit traders to deliver their block bitcoin orders at a specific price and at three specific times: 15:00 Central European Time (Paris), 15:30 Central Standard Time (Chicago), and 15:00 Hong Kong Time.
On the subject matter, the Director of Sales at Tassat, Josh Gibson, commented thus:
“TAS provides a way to offset the risk of price movements on their futures positions and/or rebalance the gamma on options positions with no risk of excessive slippage. With the growth of digital asset derivatives, participants of all kinds will need new and efficient ways to hedge their positions.”
In accordance with the collaboration, based on Tassat's robust bitcoin reference rates, executable and aggregated institutional-size quotes, it will handle the settlement price at each window. On the other hand, Blockfills by using its known electronic trading infrastructure will manage the matching, order flow, execution, and settlement of trades.
The report cited the comments of the partners, which showed that each company recognized and welcomed it in all goodness. In this regards, Michel Finzi, Chief Commercial Officer at Tassat, commented on this saying that:
"We are very excited to be partnering with Blockfills to bring an important and proven execution methodology from the traditional markets to the growing digital asset marketplace." He also said that that design their "
Also, Neil Van Huis, Director of Sales and OTC Trading at Blockfills, said:
"The goal at Blockfills is to establish a global digital asset trading and prime brokerage solution to help fuel innovation and institutional adoption of digital assets. This new TAS product will complement our existing offering of digital asset products, and we look forward to leveraging on our already well- established partnership with Tassat."
Image via Shutterstock