Kx Systems, a subsidiary of First Derivatives plc (FD), and provider of the kdb+ time series database, announced today that Bitcoin Mercantile Exchange (BitMEX), a cryptocurrency derivatives exchange, has expanded the use of kdb+ within its trading platform.
Kdb+ is widely used in the financial services industry to power trading and risk management platforms, setting industry records for speed, performance and stability in high performance applications. These attributes are increasingly recognized across a range of markets requiring fast analytics on big data, such as manufacturing and retail, while Kx is also said to be at the forefront of the use of predictive analytics, virtual reality, artificial intelligence and machine learning techniques.
BitMEX is a trading venue where all deposits and withdrawals happen on the Bitcoin blockchain. Started in 2014, current trading volume exceeds US$3,500,000,000 per month of derivatives products. The firm’s founders have experience in equities derivatives trading, algorithmic trading systems and high-performance web applications. They explain that building on the foundation of their experience creating market making and high frequency trading systems with kdb+, the engineers at BitMEX are continuously expanding their offerings.
Arthur Hayes, CEO of BitMEX, said: “With kdb+ we can dynamically change and add new features and bring new products to market within two hours. Having this speed gives us a significant edge. Another advantage to using kdb+ is we know that our numbers are correct all of the time. This is important when you are dealing with lots of leverage and other technologies. We can be confident to offer high leverage because we have audited, reliable results. Our competitors can barely do these calculations within the day, they go offline to do this.”
Mark Sykes, COO at Kx Systems, said: “We are increasingly seeing kdb+ being used for streamed event processing and in-memory analytics, as well as more traditional time-series storage. BitMEX’s extraordinary growth, cementing them as the world’s most advanced derivatives exchange for virtual currencies, tracks with their expanded use of Kx software, perfectly illustrating how our technology is transforming new markets. We look forward to working closely with BitMEX as they continue writing their success story.”