AAX was founded in 2018 in Hong Kong by the Atom Group. In January 2019, AAX secured a deal with LSE to buy the LSE's Millennium Exchange matching system, a matching engine designed to process large volumes of orders quickly and with very low latency. At the time, the matching engine had already been in use in stock markets around the world.
In November 2019, AAX launched, becoming the first digital asset trading platform to use the Millennium Exchange matching system. This also marked the first time that the system had been deployed in a cloud-based environment.
Products and Services
AAX offers OTC, spot, and futures trading for digital assets to both retail and institutional investors via its 24-hour trading platform. AAX lists 50 crypto-to-crypto trading pairs, as well as five perpetual futures contracts (up to 100x leverage) for bitcoin, Ethereum, Litecoin, EOS, and XRP. Its OTC desk can also convert dollars, Renminbi and Hong Kong dollars into digital assets.
Using the LSE's Millennium Exchange matching engine, AAX claims the platform can handle a large number of orders at the same time with an average latency of under 500 microseconds, or 1/2000 of a second. For comparison, Binance offers special low-latency trading service for a small selection of clients trading its futures products, but its top speeds are 1/200 of a second.
We visit more than 100 websites daily for financial news (Would YOU do that?). Read the John Lothian Newsletter.