Top Ten Financial Giants Develop a Code of Conduct for Digital Asset Markets
While the crypto market has progressed so far, it still lacks an organized framework and comprehensive standards for more players to join. Big giants from the global financial space certainly has a role to play in it.
Top-ten leading institutions providing financial services have joined hands and launched the Association for Digital Markets (ADAM). The official press release, notes that the association will work to establish a Code-of-Conduct for emerging digital currency markets. It further says that “ADAM will be the first broad-based organization of its kind in the United States to proactively seek comprehensive standards for digital asset market participants.”
ADAM adopts a full-fledged holistic approach to establish the Code-of-Conduct. The association will work with existing and former regulators to form rules for clean and efficient trading practices, custodial solutions, clearing and settlement of cryptocurrencies. The new Code-of-Conduct will complement all the existing regulations and laws.
The members of the organization believe that these members will help to establish ethical conduct while encouraging professionalism among all market participant. Furthermore, it will eliminate illicit activities of market manipulation. It will also establish better transparency between the regulators and the public.
ADAM’s Code of Conduct will follow all the necessary guidelines of the financial markets like KYC and AML, risk management, record keeping, data protection and other things. The association intends to establish a long-term trust of policymakers and financial regulators.
Duncan Niederauer, former Chief Executive Officer of the New York Stock Exchange and ADAM Advisory Board Member, said, "Rules are fundamental to the development of any market. Over 200 years ago, market leaders came together to draft rules that led to the creation of the New York Stock Exchange. The advent of digital assets requires a similar effort; one that will clarify existing rules and give both investors and regulators the confidence necessary to sustain this market. I applaud the firms leading the ADAM initiative and look forward to advising them on standards that will enable this market to thrive.”
Below is the list of the founding members of ADAM:
BitOoda, a digital asset advisory firm specializing in trade execution, market analysis, and structured products;
BTIG, a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services;
Cumberland, a global leader in crypto assets, specializing in institutional-sized liquidity;
Galaxy Digital, a diversified merchant bank dedicated to the digital assets and blockchain technology industry;
Genesis Global Trading, one of the largest over-the-counter cryptocurrency dealers;
GSR, a pioneer in electronic trading of digital assets, utilizing proprietary technology built in-house to provide liquidity solutions globally since 2013;
Hudson River Trading, a leading global multi-asset quantitative trading firm;
Paxos, the fintech company behind the Paxos Standard token (PAX) and itBit (the digital asset exchange with trading services including escrow, custody and OTC);
Symbiont, a market-leading smart contracts platform for institutional applications of blockchain technology;
XBTO, a provider of institutional liquidity to major trading platforms and one of the world's largest and most diversified participants in the cryptocurrency markets.