FalconX on Working with Talos: Hedging Risk Across Multiple Venues
Market making across dozens of exchanges leaves risk scattered in dozens of places. FalconX's APAC Derivatives Trading Lead, Sean McNulty, explains how Talos became the desk's single gateway to all of them.
FalconX on Working with Talos: Hedging Risk Across Multiple Venues
Introduction
Market making across dozens of exchanges leaves risk scattered in dozens of places. FalconX's APAC Derivatives Trading Lead, Sean McNulty, explains how Talos became the desk's single gateway to all of them.
A firm quoting on many venues at once doesn't get to choose where its risk ends up. Delta accumulates on the wrong exchange, in the wrong size, and someone has to move it.
FalconX runs that hedging through Talos. "It becomes our gateway to really all the exchanges, and our ability to hedge our risk across them," says Sean. “Perp rebalancing and basis trades are the workhorses. If you're trying to execute manually, it's very difficult to do."
"The Talos algorithms are the best in the industry."
Sean sees the same gateway working in the other direction as crypto and traditional markets converge. "They can just use their Talos account to hook up to TradFi venues," he says. "I think it's going to be a pivotal pillar of that next phase."
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