Articles
Articles on institutional digital asset market structure: OTC and RFQ execution, market making, MPC custody, stablecoin settlement, connectivity, and regulation.
8 articles
Regulation & Compliance
How Bermuda's Digital Asset Business Act licenses digital asset businesses: covered activities, license classes including Class M, BMA supervision, and verification.
Technology & Connectivity
What FIX brings to digital asset trading: order and execution messaging, RFQ over FIX, session recovery, and how FIX fits with WebSocket and REST in a desk's stack.
Custody & Security
How multi-party computation (MPC) custody works: key shares, threshold signing, tiered warm and cold storage, policy controls, and what institutions should verify.
Regulation & Compliance
A due diligence checklist for choosing an institutional crypto liquidity provider: regulatory status, execution, settlement, custody, connectivity, reporting.
Execution
How slippage and market impact arise when institutions trade size, how to measure them against an arrival benchmark, and how RFQ and algorithms limit them.
Settlement
How stablecoin settlement works for institutional treasuries: 24/7 cash legs, DvP sequencing, netting, on/off-ramps, and where fiat rails still apply.
Market Structure
What a crypto market maker does on centralized venues: two-sided quoting, inventory risk, algorithmic strategies, incentive design, and what issuers should evaluate.
Market Structure
OTC crypto trading explained for institutions: how desks quote and settle block trades, when OTC beats exchanges, and what to ask a desk before trading size.
Stillman Digital
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