New RFQ Platform, Algorithmic Trading Tools, Market Impact Model and TradFi Recognition

In the last quarter of 2025, Talos continued to deliver the sophistication of traditional finance to digital assets with research leading to a model for calculating market impact in crypto trading, new algorithmic trading tools and an RFQ platform that creates marketplaces for many types of OTC workflows. In the industry, Talos continues to provide insights, participate in important discussions, and is increasingly being recognized by and among TradFi organizations for its trading and data platform. 

News

• Talos Appoints Former Cowen Digital Head Drew Forman as SVP, Head of Strategy 
• Talos Becomes a Super Validator on the Canton Network, Advancing the Future of Institutional Markets

Product updates

• New RFQ platform – supporting crypto ETF create/redeem workflows, OTC derivatives trading and more. See BlackRock announcement.
• New Pegged Opportunistic algorithm – an order can be executed with OTC dealers when their prices are better than those on exchanges, based on user-defined “I Would” parameters
• Streamlined LP settlement workflows – Clients can create netted settlement batches, initiate transfers and track progress down to the trade level, with full audit history
• Real-time order status notifications – Configure and receive real-time alerts for Order Status updates directly within the platform and/or external channels (coming soon).
• IBOR/ABOR reconciliation – Operations teams can compare the investment book of records in Talos against externally maintained accounting book of record

Case studies

• Firinne Capital Scales Fund Operations and Risk Oversight with the Talos PMS

Talos research, analyses and articles

• “Fragmentation by design? Mapping the complexity of institutional Digital Asset infrastructure” – Article in e-Forex magazine featuring Ethan Feldman, CTO and Co-Founder of Talos
• “Understanding Market Impact in Crypto Trading: The Talos Model for Estimating Execution Costs” – Blog article by Eliad Hoch, Head of Quantitative Execution Services at Talos
• “An Empirical Model of Market Impact in Cryptocurrency Trading” – Analytical research paper by Eliad Hoch
• “Inside the Canton Network: A Special Insights Report” – Research report from Tanay Ved, Research Analyst at Talos
• “Talos and FactSet 2025 Digital Assets Report” – Special year-end report from Sydney Rice and Tanay Ved, Talos Research

Discussions and appearances

• “Buy every dip? How pro hodlers blend surgical DCA with rules-based crypto buys” – Article in CoinTelegraph featuring quotes from Samar Sen, Head of APAC at Talos
• “Where Markets Meet: Buyside Perspectives on Digital Asset Allocation and Strategy” – Panel discussion at Talos’s Institutional Day during Token2049 Singapore
• “Where Markets Meet: Sellside Perspectives on Turning Opportunity into Action” – Panel discussion at Talos’s Institutional Day during Token2049 Singapore

Awards and recognition

• Trading Technology Partner of the Year – Hedgweek US Awards 2025
• Best Technology Solution Provider for Digital Assets – The Digital Banker Digital Assets Awards 2025
• Anton Katz Named to TabbFORUM 40 Innovators in Financial Markets 2025
• Award for Pricing and Analytics in Digital Assets – Risk.net Markets Technology Awards 2025

New integrations

• Bitget
• Crypto.com
• GSR

To find out more information about Talos and our solutions, request a demo with our team.

^{‍Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions}