Rialto Trading, an alternative trading system (ATS), announced on Thursday that it is partnering with digital asset trading platform Bittrex to create a digital securities trading platform. Pending regulatory approval, Rialto will expand its ATS to include blockchain-based digital securities.
Rialto Trading’s ATS is currently regulated for trading fixed income products. The expanded platform will utilise Rialto’s broker-dealer ATS and Bittrex’s knowledge of blockchain technology and cryptocurrency trading. Together, the two firms aim to create a comprehensive securities offering. According to the statement, both companies are in talks with regulators to launch the expanded platform.
The updated platform will allow investors to trade US dollar digital securities. Rialto will also provide a suite of other services, such as issuance advisory services, placement, trading and custody.
The new platform will be targeted towards institutional investors
The ATS is intended for institutional investors, accredited investors, corporations and US-registered broker-dealers. The platform is also seeking issuers who are interested in listing their digital securities on the expanded platform.
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Commenting on the expected launch, the CEO of Rialto Trading, Shari Noonan, said: “We are excited to share Rialto’s expertise in building networks and trading solutions in the regulated securities industry to develop this new venture in partnership with Bittrex.
By working together, we’ll be able to expand our current client offerings to not only include digital securities, but also provide them access to a globally advanced and reliable trading platform.”
The CEO of Bittrex, Bill Shihara, added: “It takes a unique combination of advanced technology and financial expertise to build and launch an efficient, reliable and secure platform for trading digital securities, and we found the ideal partner in Rialto and its CEO Shari Noonan.
We’re merging Bittrex’s technology, cybersecurity and blockchain expertise with Rialto’s deep knowledge of the securities industry. And, when you add that foundation with Rialto’s extensive background in financial services, including Shari’s experience at Goldman Sachs and Deutsche Bank, this new venture is well-positioned to further advance blockchain’s adoption by offering a comprehensive solution at the right time.”