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Author Topic: [2018-04-25] Gemini Will Monitor its Bitcoin, Ethereum Markets Using Nasdaq Tech  (Read 43 times)
ivanpoldark
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April 25, 2018, 01:32:36 PM
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Gemini, the Winklevoss twins’ cryptocurrency exchange, has announced a partnership with Nasdaq to use the latter’s technology to monitor all trading pairs of its crypto marketplace.

With the new agreement, Gemini will deploy Nasdaq’s surveillance technology, dubbed SMARTS, for increased oversight over its recently introduced block trading feature and all trading pairs including BTC/USD, ETH/USD and BTC/ETH, Gemini said in a statement on Wednesday.

Further, the surveillance technology will also be used to oversee activity across Gemini’s auction process wherein data gathered is used by Cboe’s CFE Exchange to determine the settlement price for Bitcoin futures contracts.

The technology will enable help monitor real-time trading of bitcoin and ethereum on Gemini’s marketplace to determine and flag unusual trading patterns. SMARTS is used by some of the largest exchanges in the world, including the Intercontinental Exchange (ICE)and the Hong Kong Exchanges and Clearing Ltd.

Gemini president and co-founder Cameron Winklevoss added in a statement with the Wall Street Journal:

We’re doing this because we believe in the importance of creating a rules-based marketplace. We believe this is where things are headed.

Gemini sees Nasdaq’s SMARTS as ‘the most widely deployed surveillance system in the world’, stressing its implementation will further help the exchange build a ‘rules-based marketplace’ at a time when regulators and authorities, particularly in New York, increase their scrutiny into the operations of cryptocurrency exchanges.

Nasdaq, meanwhile, talked up the integration of its technology in ‘non-traditional marketplaces’ like cryptocurrency exchanges that are now held to the regulatory standards required of Wall Street companies.

“Being regulated by the New York State Department of Financial Services (NYSDFS), Gemini is held to the utmost standards in terms of capital reserve requirements,” said Nasdaq’s senior vice president Valerie Bannert-Thurner. “This is a major milestone in the application of SMARTS – and an important indicator of our commitment to expand the use of our market technology into non-traditional marketplaces, as well as new frontiers beyond the capital markets.”

Gemini, which operates in the state of New York as a fiduciary without the mandated requirement of the state’s ‘BitLicense’, was one of 13 cryptocurrency trading platforms named in an inquiry for transparency by New York Attorney General Eric Schniederman last week.

https://www.ccn.com/gemini-will-monitor-cryptocurrency-markets-using-nasdaq-tech/
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April 25, 2018, 11:52:34 PM
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I like the Winklevoss twins for all their efforts. In most cases top level individuals either being multi millionaires or billionaires, always talk about how they see this or that happen, while these twins let their actions speak for them.

This is a first step that will turn the main crypto exchanges into heavily trigger secured exchanges like how things are in stock markets. I wonder though if they already have a flash crash trigger, and at what percentage it kicks in.

I assume that with the wild swings this market frequently experiences that they aren't going to halt trading with 10-15% instant decreases, but there is likely a limit they work with already. They aren't exactly shy of halting the market.

In 2015 a trader by mistake bought the market 700% up, where Gemini reversed the trades, which was quite a shocking move. It was a legit order, but still not legit or worthy enough for Gemini to let it happen.

That's what you get with centralized exchanges.

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April 26, 2018, 12:54:13 AM
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NASDAQ and Gemini's partnership allows Gemini to use NASDAQ's technology.  I think NASDAQ is using this partnership to explore the possibility of becoming a crypto exchange.

Per NASDAQ's Adena Friedman "Over time when people are ready for a more regulated market and people are ready for a more fair experience for investors, certainly, the NASDAQ would consider becoming a crypto exchange."

When NASDAQ does become a crypto exchange, the crypto landscape will certainly go through a shakeup where smaller exchanges will be pushed out.  But that isn't going to happen in very near future as crypto is in its “early implementations” and is still experiencing a “big hype cycle.”

I hope the whole cryptos stabilizes before the regulators get too restrictive.  Friedman also believes that digital currencies are here to stay, it is “just a matter of how long that space will take to mature” before they can offer crypto to the public.

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August 06, 2018, 12:53:19 PM
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Bitcoin is a well known online business that was run now days it is just like stock exchanges the rate of this coin will increase or decrees any time. I got much information about this coin from dissertationhelpdeal review they post all peoples review of this coin which is very useful.
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August 06, 2018, 03:11:47 PM
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Ok, answer this question. If NASDAQ's SMARTS technology is the most widely deployed surveillance system in the world,

would the SEC be more likely to approve a Bitcoin ETF, if more Bitcoin exchanges deploy this technology, globally? This

system "reduce" manipulation and that is what they are using as an excuse to deny these applications.  Huh A lot of these

exchanges already bend over to KYC/AML regulations, so they might as well bend over to US surveillance systems.  Roll Eyes

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