Carey Olsen has advised DeFinity Markets on the upcoming launch of its Tier 1 bank-backed credit intermediation model which will offer investment-grade clients the ability to net settle trades.
The Jersey subsidiary of the London-based DeFinity Markets group has been operational in the spot foreign exchange market since 2014 and is connected to some of the world’s most prominent banks. The challenger-model will see investment-grade buy and sell-side clients transact with each other using bank-intermediated credit via the prime brokerage desk.
Michael Siwek, co-founder and CRO of DeFinity Markets, said: “We are beyond thrilled to utilise the Jersey VASP framework to help banks, funds and asset managers, as well as trust companies to buy, hold and sell digital assets and fiat efficiently.”
Greg Myers, senior board advisor at DeFinity Markets, added: “The increasing demand for efficient digital asset trading solutions has driven our decision to base our operations in Jersey. We believe that Jersey is at the forefront of digital asset innovation, and we are excited to contribute to the island’s growing reputation as a global financial centre of excellence.”
The Carey Olsen Jersey team advising was led by partner Chris Griffin (pictured) and also included associate Tshogofatso Dhlamini.
Chris Griffin commented: “The launch of Definity Markets’ platform is a great result for Jersey and the perfect use case for the JFSC’s now well-established VASP regime.”
