EverMarkets Exchange

From Deletionpedia.org: a home for articles deleted from Wikipedia
Jump to: navigation, search
This article was considered for deletion at Wikipedia on May 23 2018. This is a backup of Wikipedia:EverMarkets_Exchange. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/EverMarkets_Exchange, the first at Wikipedia:Wikipedia:Articles_for_deletion/EverMarkets_Exchange. Purge

company

EverMarkets Exchange (EMX) is a blockchain-based futures exchange designed to allow individuals to use cryptocurrencies to trade futures contracts.

EMX provides traders with an alternative option to incumbent futures exchanges[1]. It aims to make derivatives trading more fair, transparent and safe[2], compared to existing venues.

EMX was founded in 2017 and is based in Palo Alto, CA. The exchange will open to select traders and institutions worldwide in late 2018 [3].

History

While working as traders, portfolio managers, and research developers at various financial institutions, former Carnegie Mellon classmates Jim Bai (formerly of Citigroup and Graham Capital), Mark Pimentel (Citadel and Knight) and Craig Austin (AQR and Microsoft) concluded that the futures marketplace had not evolved like other markets and was subject to structural inefficiencies that favored some high-frequency traders[3] at the expense of other participants. They concluded that blockchain technology could solve many of these issues[4].

In early 2017, the three set out to form EverMarkets. Their concept was codified in a whitepaper, first released in May 2017[1]. Engineering began soon after. Since then, the team has expanded to include additional exchange professionals, developers, and blockchain experts.

Structure

EMX is modeled as a ‘hybrid decentralized’ exchange[5]. In this framework, trades are cleared and settled on the Ethereum blockchain, while matched off the blockchain. This approach also utilizes smart contracts and a distributed ledger to ensure the security of assets and the immutability of records.

The exchange is designed to offer futures contracts underlied by traditional asset classes, like equities, currencies and commodities, as well as cryptocurrencies[2].

Currently, EMX is unavailable to traders in the US. However, the company intends to work with the CFTC[3].

References

External links