OTC Voice Brokering — Tagomi Settle/CME Clearport

Happy Tuesday! Last week was wild and furious as we had Hedera Hashgraph go open access — we worked 24/7 to get as many of our clients onboarded and set up with a Tagomi accounts so we could provide the best coverage for both OTC voice brokered trades, as well as electronic trading for HBARs.

To Recap, on 9/16, we brokered 1,056,110 HBAR’s @ $0.10 ‘Tagomi Settled’, and on 9/18, we brokered 1,000,000 HBAR’s @ $0.08 ‘Tagomi Settled’. We also were able to trade HBAR’s electronically via Tagomi’s smart order algorithms for clients from both the buy and sell side of the market.

We are thrilled to have ‘Tagomi Settled’ our first trades for digital assets. We feel this process of brokering in the OTC voice market while being able to settle at a third party can truly unlock the friction that currently exists in terms of KYC/AML onboarding that can take days and potentially cause missed trades. It also brings a trader the entire network of Tagomi clientele, expanding the range of liquidity by increasing both size, and tightening the bid/ask spread. If you are looking to trade a specific token, and want to know if we can ‘Tagomi Settle’ a trade for you, or to simply learn more about Tagomi, or the ‘Tagomi Settle’ process please contact our brokerage desk: (201) 426–4660.

In other news, Bakkt physically settled Futures trading launched yesterday. Screen volumes were not as hoped for, but one would assume that shall change over the coming weeks, as more institutions get onboarded and get comfortable in the pricing that the Bakkt futures can provide.

Yesterday, we worked an order in the OTC voice market for a CME Bitcoin Futures Spread. We were offered at $97 on the V/X (Oct19/Nov19) spread for 5 lots (which is the block minimum). That means the trader wanted to sell 5 November Futures, and and buy 5 October futures for a spread of $97. If we were to have executed this trade, our NFA regulated, Series 3 brokers would have submitted this trade into CME Clearport.

Traders who have length in CME Futures, and who wish to roll that length to further dated futures can use Ooda Commodities, LLC to broker these trades. As you can see above, the screen (Globex) does not always have the tightest and size up markets one would need to execute these trades a good levels. As OTC brokers, we can bring your orders to large OTC market makers, putting them in competition for your order or even better, find the other side of the trade and match “paper-to-paper” at mid-market (or value). A trader would have to contact their FCM to permission Ooda Commdities to block trades into CME Clearport or ICE Block on their behalf for us to have the ability to broker these trades. If you would like to learn more please reach out to sales@bitooda.io.

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