AAX Exchange aims to beat crypto market manipulation with LSE Technology

Retail and institutional investors will soon benefit from a high-speed, reliable and trusted platform for trading digital assets with ATOM Group’s AAX Exchange set to leverage the London Stock Exchange Group’s Millennium Exchange matching engine.

ATOM Group is a Hong Kong-based fintech company, founded in 2018, which aims to provide “integrated business solutions in fintech, distributed ledger technology (DLT), digital asset management, digital asset exchange, and blockchain solutions.” Its team has a background including “extensive experience in developing high-frequency trading systems, blockchain development, and financial solutions.”

The announcement states that in H1 2019 it will launch AAX, the first digital asset exchange to be built on LSEG Technology’s Millennium Exchange matching engine. This is the same engine that is used by the London Stock Exchange and other global venues such as HKEX and SGX.

A matching engine underpins the exchange, ensuring trades are executed quickly and reliably, with low latency. By using LSE’s technology, AAX is looking to deliver “high performance, reliable and trusted services” to investors.

Tellingly, the press release says that the institutional-grade platform will give traders reassurance to counter fears over market manipulation – as well as better security and improved reliability of peak-period performance.

Market manipulation is a big problem in cryptocurrencies, which can be influenced by trading from so-called Whales. The potential for manipulation is one reason holding back institutional investors.

Ann Neidenbach, CIO, LSEG Technology said:”We are delighted to have been selected by ATOM to provide a best-in-class technology solution to help power its new exchange. It underlines Millennium Exchange’s reputation for performance, scalability, flexibility and reliability and we look forward to working with the AAX team ahead of the launch in H1 2019.”

Peter Lin, CEO of ATOM Group said: “The digital asset marketplace faces a critical need for more industry best practice in order to build greater investor confidence. AAX will leverage LSEG Technology’s platform and expertise to deliver a world-class exchange that provides fair, trusted and secure digital asset trading for all.”

Lin concluded: “With institutions such as Fidelity Investments entering the market and others also gearing up for entry, we predict the digital asset class is primed for entry by institutional and mainstream investors in 2019.”

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