# Finery Markets

> Leading crypto ECN and trading SaaS provider for digital assets.

Finery Markets is a crypto trading infrastructure provider for institutions. It licenses a non-custodial crypto ECN and trading software that connect brokers, banks, payment providers, and OTC desks with liquidity providers.

Finery Markets is a crypto trading infrastructure provider that licenses a non-custodial electronic communication network (ECN) and trading software to institutions. Its software gives licensed businesses access to aggregated crypto liquidity from a network of liquidity providers through order book, quote stream, and request-for-quote trading. The company works only with institutional clients and acts as a software vendor rather than a trading counterparty.

Liquidity takers trade crypto, fiat, and stablecoin pairs through a web interface or API, using credit limits in place of full pre-funding and settling bilaterally across blockchains. The order book fills orders without rejections, and a proprietary matching engine runs pre-trade risk checks on every order.

FM Marketplace is the flagship multi-dealer venue, alongside FM Liquidity Match and FM White Label for firms that resell liquidity or launch their own branded platforms. FM Pulse adds spread and trading cost analytics, FM Space helps firms find counterparties, and FM x BitGo offers centrally cleared trading. Finery Markets is used by brokers, banks, payment providers, OTC desks, funds, market makers, and stablecoin issuers.

- Type: Company
- Sector: Finance
- Status: Active
- Founded: 2019-01-01
- Profile: https://thegrid.id/profiles/finery_markets

## Products

- [FM Marketplace](https://thegrid.id/profiles/finery_markets): FM Marketplace is a multi-dealer crypto ECN where institutions trade crypto and fiat pairs from validated liquidity providers through one onboarding. Clients choose between an order book with no rejections, quote streams from a chosen provider, and request-for-quote for less liquid assets, with smart order routing across pools. Credit lines, leverage, limit management, settlement reporting, and a custody-agnostic setup cover the trade workflow through a web interface or API. (Centralised Exchange, Live, Main Product)
- [FM Liquidity Match](https://thegrid.id/profiles/finery_markets): FM Liquidity Match is trading software that lets brokers, prime brokers, OTC desks, and liquidity providers run a master account with sub-accounts for their own clients. The master account sets risk limits, mark-ups, and position roll-overs, resells liquidity from global providers, and can match client flows internally. It covers fiat-to-crypto, crypto-to-crypto, and fiat-to-stablecoin pairs, with settlement instructions, reporting, and an API test environment. (Developer Tooling, Live)
- [FM White Label](https://thegrid.id/profiles/finery_markets): FM White Label is an ECN-as-a-Service product that lets a business launch its own branded institutional crypto trading platform without building the trading infrastructure itself. The platform connects to aggregated liquidity from Finery Markets providers, with counterparty and per-asset limits, spread management, smart order routing, and role-based access. Clients reach it through a web interface or APIs, without multi-year commitments. (Developer Tooling, Live)
- [FM Pulse](https://thegrid.id/profiles/finery_markets): FM Pulse is a real-time crypto market data tool from Finery Markets that shows trading costs and bid-ask spreads across venues. Users compare spreads and expenses for asset pairs to see the market-wide picture before they trade. Access runs through a Finery Markets account and is available around the clock. (Pricing Data API, Live)
- [FM Space](https://thegrid.id/profiles/finery_markets): FM Space is a B2B network from Finery Markets where institutions find and connect with vetted liquidity providers, banking partners, custodians, compliance tools, and other infrastructure providers. Firms building an OTC desk use it to assemble their stack, while partners gain visibility with institutional buyers inside a gated network. Members can also refer deals and earn one-time referral rewards plus recurring revenue from their clients' trading activity. (Customer Engagement Platform, Live)
- [FM x BitGo](https://thegrid.id/profiles/finery_markets): FM x BitGo is a centrally cleared crypto trading service built by Finery Markets and BitGo for institutional OTC trading. Trades settle off exchange through automated clearing on BitGo's settlement network, with assets held in bankruptcy-remote qualified custody at BitGo. A single onboarding with BitGo gives access to several liquidity providers, with real-time netting and toxic flow protection in the Finery Markets interface. (OTC, Live)

## Links

- [Main](https://finerymarkets.com)
- [Media Kit/branding](https://finerymarkets.com/assets/files/fm-media-kit.zip)
- [Blog](https://finerymarkets.com/blog)
- [Terms of Service](https://finerymarkets.com/legal.html)
- [Privacy policy](https://finerymarkets.com/legal.html#privacy)
- [Twitter / X](https://x.com/finerymarkets)
- [YouTube](https://youtube.com/@FineryMarkets)
- [LinkedIn](https://linkedin.com/company/finerymarkets)
- [Medium](https://finerymarkets.medium.com)

## Legal

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- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
- [Open Data (ODbL)](https://about.thegrid.id/legal/open-data): Open Database License terms and scope for The Grid's open data service.
- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

## Optional

- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP