Liquidity in markets is always key. What assets get traded
(and price) is often dependent on how deep liquidity across the market.
In crypto it is no different. Keyrock CEO and Co-founder
Kevin de Patoul joined RULEMATCH Spot On to talk about liquidity and its
development - along with the influence of different market models, the ongoing
challenge for high frequency traders, as well as current (and future)
bottlenecks in the growth of trading firms and market makers like Keyrock.
(00:41) Intro
(1:44) State of global liquidity
(3:03) The actual location of liquidity - geographically and
spot vs options
(4:42) Breakdown of Keyrock’s business pillars
(6:12) The driving factors behind the founding of Keyrock
(6:40) Crypto as a proof-of-concept
(7:17) Where Keyrock got started - market making as a
service provider
(8:53) Comparing crypto vs TradFi market making
(10:55) Why crypto’s retail history has hindered “the tech”
(12:54) Getting to more standardization and technical
excellence
(14:18) How large orders from the world’s largest trading
firms move through the crypto market
(16:07) Crypto ETFs as a sign of liquid markets
(16:52) Preparing for US Bitcoin ETFs
(17:50) Weekday vs weekend liquidity in crypto
(19:53) Stablecoins as a buffer
(20:14) State of play in crypto market models
(22:38) The fantastic speed of innovation in crypto
(23:44) Re-setting global capital markets
(24:14) “Pattern match” for TradFi players coming into
crypto
(25:35) Why OTC?
(26:42) Non-existent best execution in crypto
(28:05) Standardization in trade settlement
(29:07) Waiting on Trade Cost Analysis
(30:14) TCA and transparency through regulation
(31:15) Adapting and implementing regulation in the light of
technology
(32:30) Keyrock’s preparation for regulation developments
(34:48) Different plans for different scenarios
(35:25) The global (and regional) implications of crypto
regulation
(37:42) Implications of MiCA for liquidity in crypto markets
(39:06) Paths to the reconvergence of liquidity and better
capital efficiency
(40:04) Scary MiCA?
(41:18) Leading crypto countries in Europe
(42:00) Why Switzerland for Keyrock?
(43:11) Keyrock’s HFT ambitions
(45:03) The dominance of engineering
(45:18) Pushing the pedal on acceleration (and regulation)
(46:35) The last question
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Disclaimer:
The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.
