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Bitfinex adds anti-manipulation tool to combat market abuse

Image by Bitfinex

Wed, 25 Mar 2020, 14:05 pm UTC

Crypto exchange Bitfinex announced in a press release that it has deployed an anti-manipulation tool to prevent market abuse and promote an orderly crypto trading experience in the platform.

Dubbed Shimmer, the market alert and reporting tool is like a bee’s way of defending its hive. It identifies and investigates possible manipulative behaviors and suspicious trading practices on the exchange to improve market integrity and visibility. It is designed to operate smoothly with Hive, Bitfinex’s distributed, multi-threaded and multi-process matching engine that is built for speed, stability, and scalability.

“Comprehensive market and trade surveillance capabilities are integral to operating a leading cryptocurrency exchange,” said Paolo Ardoino, CTO at Bitfinex.

“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. This will help to assure that potentially manipulative practices are rooted out and suspicious behaviour detected.”

Shimmer will address the abusive practices in the trading market including wash trading, where a trader buys and sells an instrument with the intention of misleading the market, and layering, where a trader uses non-bona fide orders to mislead others of the actual supply or demand in the market.

Bitfinex’s team will be alerted when there is an incidence of suspicious trading activity via email summaries across all trading pairs listed on the exchange, including futures and margin funding products. Shimmer uses Rust programming language for the fast processing of extensive trade and order data.

“This tool is especially relevant for our futures and margin funding products,” said Ardoino. “We chose to use the Rust programming language for its execution speed and programming safety. The Rust package manager and ecosystem allowed us to be up and running with a workable market detection tool in a short time frame.”

The addition of Shimmer makes Bitfinex more attractive to professional investors. Also, the platform’s scalable, high-performance infrastructure and connectivity supports a variety of trading strategies.

Meanwhile, Huobi DM, leading digital asset derivatives trading platform from Huobi Group, also added a new futures liquidation mechanism to protect crypto traders against market volatility. It introduced a circuit breaker that automatically stops the liquidation when it detects large or unusual deviations between the liquidation price and market price.

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