- Bitfinex announces the release of a new surveillance tool to foster orderly trading and assuring safety for high-volume investors
- Shimmer is a market alert and reporting tool that flags manipulative/suspicious trading
- The tool will cover all trading pairs available on the platform, including derivatives and futures products
On March 24, 2020, Bitfinex, a major digital currency exchange, announced the deployment of a proprietary surveillance tool to combat market abuse on the crypto trading.
Dubbed Shimmer, the tool will help the exchange to identify and investigate possible manipulative behaviours and suspicious trading practices on the exchange.
The proprietary exchange monitoring tool has been designed to tackle market abuse, report suspicious trading practices, and combat price manipulation. Bitfinex, a popular crypto trading platform, is well known for integrating the latest innovative tech to deliver high-performance trading solutions to its users.
Commenting on the new tool via twitter, Paolo Ardoino, CTO at Bitfinex, said:
“To meet the complex needs of an evolving digital asset class and to protect our sophisticated participants, Bitfinex has chosen to develop its own state-of-the-art surveillance system.”
He added that Shimmer would help to assure that potentially manipulative practices are rooted out, and suspicious behaviour detected in crypto trading.
The Surveillance tool utilizes the Rust programming language for the high-speed processing of voluminous trade and order data.
Shimmer to Deliver Superior Surveillance Capabilities
Shimmer will work hand in hand with Bitfinex matching engine dubbed Hive to deliver speed, scalability, and sustainability to the trading platform. The monitoring tool Shimmer leverages the expertise of Bitfinex’s technical team gathered over many years of disruption-free operation.
Launched in 2012, Bitfinex is one of the few names in the crypto industry that hasn’t garnered excessive negative press in terms of platform features and technological prowess. This is no small feat in a realm often plagued by technical failures.
In essence, Bitfinex Shimmer will sound the alarm in case it detects potential trading malpractice on the platform. A detailed report of the suspicious trading activity will be generated and shared in email summaries. The surveillance will cover all trading pairs available on the crypto exchange, including derivatives and futures products.
Bitfinex Fostering an Evolution in Crypto Trading
As digital asset trading evolves to include ever more sophisticated technologies, surveillance has to keep up.
Paolo Ardoino believes that Bitfinex Shimmer will help curb abusive practices, including wash trading and layering, thus assuring safety to high-volume crypto investors.
In both techniques, fraudulent traders won’t be able to deceive market participants about the actual demand and supply data by utilizing non-bonafide orders.
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