Exberry and Digital Asset team up with Baymarkets to add clearing to their end-to-end digital asset exchange platform. For the first time, and with the integration of Baymarkets Clara Clearing System, market participants can register, trade and clear traditional, alternative and digital assets on one integrated platform.
PRESS RELEASE: London, New York and Oslo, 11 February, 2021: Exberry (the exchange technology pioneer), Digital Asset (the creators of the open source Daml shared ledger development framework) and Baymarkets (the developer of the Clara clearing system) today announced the availability of cutting edge exchange infrastructure with central counterparty clearing functionality. This partnership will enable new digital asset marketplaces to launch on a fully-compliant, end-to-end exchange platform encompassing registry, custody, trading, matching and clearing services.
In August 2020, Digital Asset and Exberry launched an end-to-end exchange infrastructure-as-a-service for modern markets, including digital assets. The updated end-to-end exchange architecture now features Clara, the multi-asset clearing system from Baymarkets, to execute clearing and calculate margin and collateral requirements for spot and derivatives markets. With Clara, the combined solution enables efficient margin management, automatic mark to market payments, and clearing capabilities that significantly reduces the need for capital for market participants.
“Clara is a tried and true, innovative clearing system from Baymarkets that brings tremendous value to this joint platform,” said Eric Saraniecki, co-founder of Digital Asset. “Adding real time clearing mechanisms for digitized assets will infuse greater confidence in these new asset classes, facilitating trusted trading across global markets. We are excited to have Baymarkets onboard and we look forward to our continued work with Exberry and other partners as we expand the platform offering.”
Commenting on the announcement, Magnus Almqvist, Head of Exchange Development at Exberry, said: “Innovative and fast growing tokenized markets often come with a perception of uncertainty and risk. Anyone looking to take advantage of them and the latest technologies are also looking for the safety, security and maturity expected by experienced market participants. The combined expertise of Exberry, Digital Asset and Baymarkets bridges that gap and provides a solid foundation to explore these new opportunities.”
The three main components of the exchange infrastructure include a matching engine to run the exchange provided by Exberry. Digital Asset’s project:DABL (Daml-as-a-service platform) fuels the CSD and registry functions via Daml code and integrations on the DABL platform. The CSD and registry functions include the tokenization of assets, the onboarding and management of users, and the automatic settlement of trades and cash management as instructed by the Clara clearing system. And, Baymarkets, with a well-established clearing product, brings the necessary functionality to support a true end-to-end exchange experience for new digital financial assets.
Peter Fredriksson, Baymarkets Chairman of the Board, commented: “Having a CCP solution as part of the ecosystem adds efficiency of trade and settlement processing, credit risk mitigation and trust for the digital asset marketplace. We are really excited about working with Digital Asset and Exberry, two world-class companies with a bright future, and together we look forward to make a difference for the international financial markets.”
In addition to clearing, the group is exploring other critical components, such as cash payments, regulatory reporting, tax reporting, and more services, that could be added to the platform. It is currently available for demo and purchase.
Alissa Vasilevskis Boca Communications for Digital Asset firstname.lastname@example.org Tel: +1 415 577 8637
Melanie Budden The Realization Group for Baymarkets Melanie.email@example.com Tel: +44 (0)7974 937970
Notes to the Editor:
Exberry delivers a purpose built exchange infrastructure regardless of the asset class or opportunity. The core technology is deployed to enhance existing exchanges’ limited capabilities or to serve as the base for trading new digital assets.
Our core matching engine has been designed not only to compete with the technology used by the biggest exchanges in the world, but also as light to deploy, integrate and operate and is therefore an excellent fit for start-ups and anything in between.
We help exchange pioneers at all levels and of all sizes launch, pivot, break ground and scale. Unlike any other technology provider, Exberry delivers a blend of exchange and trading technology expertise for secondary market models, combining entrepreneurial pedigree and corporate strength.
Exberry is suited to support every type of marketplace from traditional assets (on exchange traded financial instruments including equity, futures and commodities) to digital assets including tokenized assets, alternative assets, as well as gaming and real estate.
Our technology and software engineering heritage combined with our strategic business counsel means Exberry can quickly scale with business growth, and is easy to integrate into new and existing ecosystems through well documented APIs and easy to access sandboxes.
Exberry is part of the OM2 Group, that builds fintech companies together with entrepreneurs and partners who we believe will transform how people and enterprises finance, transact & interact.
About Digital Asset
Digital Asset helps companies of all sizes and across industries get distributed applications to market faster, and stay there longer. At the core of our service offering is Daml, an open source and platform-independent smart contract language that enables developers to write an application once and deploy it anywhere. To learn more about Digital Asset, please visit www.digitalasset.com and for more information about Daml, please visit www.daml.com. To learn more about project:DABL, please visit www.projectdabl.com. Click here to follow us on Twitter and LinkedIn.
Baymarkets AS, based in Oslo and Stockholm, is an independent vendor of clearing systems for the financial markets and has been operating since 2007.
Baymarkets AS, is a provider of FinTech solutions to the financial services industry. Baymarkets experience has been gained building and operating multi-asset exchange and OTC trading and clearing solutions for some of the largest firms in the industry. These include banks, brokers, exchanges, CCPs and technology providers.
The team has deep knowledge and first-hand experience of providing clearing technology, across multiple asset classes including; commodities, equities, rates and credit products, for cash and derivatives.
Baymarkets owns and develops the full-service Clara Clearing system and is responsible for the operation, support, maintenance and product development of Clara as the SIX x-clear CCP system, which provides clearing services to Oslo Exchange, Nasdaq Nordic and multiple European MTFs.
Baymarkets has access to world leading clearing and post-trade expertise, both internally, in the board and close external liaisons. Some of our unique features are CCP interoperability and advanced risk management algorithms. Clara features standardized APIs for integration with marketplaces, banks, CSDs, clients etc.