Market making
Liquidity provision with obligations you can hold us to
CodeVortex quotes two-sided markets for issuers, exchanges and trading venues. Spread, depth and uptime are contractual targets, reported monthly, with the underlying order record available whenever you ask for it.
What we provide
Four parts of the same mandate
We run the strategy and the systems underneath it. That is unusual in this market, and it is why an integration problem does not become a conversation between two vendors.
Continuous liquidity provision
Two-sided quotes maintained through the trading day against agreed spread and depth targets.
- Bid and ask quoting with committed uptime
- Spread and depth targets set in the engagement terms
- Inventory and exposure managed to documented limits
- Coverage across multiple venues from one book
Listing and launch support
Preparation and cover for a new listing, so an order book is not thin on the day it opens.
- Pre-listing depth modelling and parameter setting
- Coordination with venue and issuer timelines
- Opening auction and early session cover
- Post-listing review against the agreed targets
Trading infrastructure
The engineering side of the business: the systems that carry the strategy, built and run by the same team.
- Low-latency connectivity and venue integrations
- Order management, monitoring and kill switches
- Historical and real-time market data pipelines
- Failover, reconciliation and operational runbooks
Reporting and controls
Evidence of what was quoted and when, because a market making relationship should be auditable.
- Monthly reporting against spread, depth and uptime
- Full order and trade audit trail on request
- Documented risk limits and escalation procedure
- Cooperation with venue and issuer compliance reviews
Engagement models
Three structures, priced openly
Whichever structure you choose, the economics are set out in writing before anything is signed, including what it costs you if the engagement ends early.
- 01
Retainer
A fixed monthly fee against defined spread, depth and uptime obligations. The most straightforward structure, and the one we recommend where the objective is a dependable book.
- 02
Loan and call option
The issuer lends inventory for the term of the engagement, with a call option priced at agreement. Common for token listings. We will set out the dilution and settlement mechanics in writing before you commit.
- 03
Hybrid
A reduced retainer combined with a smaller option allocation, where an issuer wants to limit cash outlay without handing over a large position.
How we operate
The commitments that decide whether we take the mandate
Liquidity provision attracts requests that are really requests for the appearance of activity. We would rather lose the engagement at the first meeting than discover the disagreement once we are quoting.
Quoting obligations in writing
Spread, depth, uptime and venue coverage are contractual terms with measurable targets, not aspirations described in a deck.
No wash trading, ever
We do not generate volume against ourselves, and we decline engagements where the objective is the appearance of activity rather than genuine liquidity.
Segregated and reconciled
Client inventory is held in designated accounts, reconciled daily, and reported on a schedule agreed at the outset.
You can audit us
The full order and trade record for your book is available on request, and we will work directly with your venue or auditor.
FAQ
Questions worth asking any market maker
Which venues do you cover?
Centralised exchanges via their institutional APIs, and decentralised venues on the major EVM chains. The specific venue list is agreed per engagement, since coverage depends on where your book actually needs depth.
What is the minimum engagement?
Three months. Market making relationships judged over shorter periods tend to produce decisions driven by noise rather than by how the book is actually performing.
Do you take a position on the asset?
Market making requires holding inventory on both sides, so there is always a position. What we do not do is run a directional book against the client we quote for. Risk limits are documented in the engagement terms.
Can you guarantee a price or a volume figure?
No, and you should be cautious of anyone who does. We commit to quoting obligations: spread, depth and uptime. Price is set by the market, and volume targets are usually a request for wash trading, which we decline.
How is performance reported?
Monthly, against the spread, depth and uptime targets in the agreement, with the underlying order and trade data available on request.
Are you regulated?
Requirements differ by venue, asset class and jurisdiction. Tell us where you operate and what you need covered, and we will set out plainly what we are and are not authorised to do before any agreement is signed.
Get in touch
Tell us what your book needs
Send us the asset, the venues and the depth you are trying to hold, and we will come back with a structure and a price. If we are not the right counterparty we will say so at the first call.