The Execution Layer

for Institutional Crypto Options

A neutral, prime-broker-intermediated RFS network built to do for crypto derivatives what CLS did for FX — unlock institutional scale through fungibility, auditability, and capital efficiency

THE SOLUTION

Built by lifetime traders

Architected to handle institutional flow

Streaming dealer quotes, PB-intermediated clearing, familiar workflows, full audit trail

EXECUTION

RFS over RFQ

Continuous streaming dealer quotes replace manual RFQ

The model TradFi desks already run on

FUNGIBILITY

PB-Novated Clearing

Prime broker steps in post-trade

Positions are portable across dealers, freeing venue and execution

CAPITAL

Cross-Margin Everything

Vast collateral choices — BTC/ETH, Stables, Treasuries, FIAT & RLUSD

True Cross Margining against your entire portfolio, not per venue

PEDIGREE

Built by 20+ Year Traders

Founding team with successful prior fintech and crypto exits

Founding team are pioneers of electronic trading, there from the start

HOW IT WORKS

Familiar execution flow, institutional-grade clearing

  1. Submit
    RFS via terminal, Bloomberg, or API
  2. Route
    Distributed to client-curated dealer pool
  3. Compete
    Dealers stream competitive quotes
  4. Fill
    Best-execution logic selects optimal
  5. Clear
    PB novates; settles via PB rails
WHAT THIS FLOW SOLVES
Single-venue settlement risk
PB novates post-trade; positions settle through the client's existing custodial rails instead of an exchange ledger
No prime broker intermediation
The PB steps in as CCP for every ISO trade — the institutional counterparty model TradFi already trusts
Per-venue capital inefficiency
Cross-margin against the client's full portfolio via the PB, no more collateral trapped per exchange
Retail-grade execution workflows
RFS over RFQ, familiar UI and APIs. Built by 20+ year electronic trading veterans who know what desks expect
No institutional audit trail
Timestamped routing, best-execution logic, and full TCA — everything compliance and risk teams need to sign off
THE EXECUTION BACKBONE

ISO runs on production-tested institutional trading infrastructure

Liquid Mercury powered execution stack — industry-proven software instead of a v1 build

01
EXECUTION · EMS/OMS

Order routing

Multi-venue smart order routing across exchanges and OTC. Advanced order types, full trade lifecycle, real-time position monitoring

Sub-ms
ROUTING LATENCY
02
LIQUIDITY · MATCHING

Order books & RFQ

High-performance matching engine configurable as lit exchange or dark pool. RFQ block network for large institutional orders

μs-level
MATCHING
03
SETTLEMENT · LEDGER

Mercury Ledger

Audited, immutable ledger. Real-time position keeping and asset movement across fiat, crypto, and tokenized assets at custody grade

99.99%
UPTIME SLA
04
POST-TRADE · CLEARING

Clearing & Reporting

Automated trade booking, allocation, reconciliation, and settlement workflows. Integration with custody providers and prime brokers

FIX+API
CONNECTIVITY
POWERED BYLiquid Mercury

Every primitive the PB risk desk expects is already running in production

PROOF POINTS

Institutional-grade across the full trade lifecycle

Pre-trade risk, top execution performance, post-trade automation — the depth the PB desk requires

PRE-TRADE

Risk & Compliance

  • Credit limits & position concentration caps
  • Slippage thresholds & breach notifications
  • Counterparty eligibility & permissioning
  • Controls fire before orders touch the market
EXECUTION

Quote, Route, Fill

  • Streaming RFS quotes from curated dealers
  • Best-execution logic selects optimal fill
  • Every route timestamped, full TCA captured
  • Agency, principal, or client trading modes
POST-TRADE

Clearing & Reporting

  • Automated trade booking & allocation
  • Real-time reconciliation & settlement
  • PB novation & custody integration
  • Regulatory reporting & immutable audit trail
What this means for the PB: novation-ready rails, pre-trade risk checks, and post-trade data feeding PB reconciliation
THE TEAM

Built by lifetime traders and electronic market innovators

Combined decades across institutional derivatives, market structure, and trading infrastructure

Patrick Hourihane
CO-CEO

Patrick Hourihane

Former member of CME, CBOT & LIFFE. Founded BEX (advanced FX execution algos), sold to a Wall Street bank in 2018. Runs Hibbard Road Partners, a venture studio backing digital asset infrastructure. 10+ years in crypto.

Ron Klipstein
CO-CEO

Ron Klipstein

30 years in electronic trading: CBOT, CME, GETCO; founder of Holon Trading (exit). Former Director of FX Auto Trading at Citibank, Global Head of Electronic FX at Northern Trust. Co-founder of Membrane Labs. 10+ years in crypto.

Tony Saliba
CSO

Tony Saliba

40+ years in institutional derivatives. Legendary CBOE floor trader and options pioneer, and the only options trader profiled in Schwager's “Market Wizards.” U.S. Options Lifetime Contribution Award; former CBOE & CHX board member with multiple nine-figure fintech exits.

Steve Beitler
CRO

Steve Beitler

45+ years in institutional derivatives sales. Co-founder of TJM Institutional Services (1996). Former Eurodollar sales manager at Prudential Securities. CME member; served on CME exchange strategic planning committees.

Joe Piotrowski
CTO

Joe Piotrowski

20+ years building market-leading trading systems. Former CTO of LiquidPoint and Dash Financial. Built EMS/OMS platforms, matching engines, and settlement systems processing billions in institutional volume.

Johnny Perkaus
CPO

Johnny Perkaus

10 years successfully trading blockchain assets. Former product team at Parkwhiz. Co-founder and head of product at Paragon (OTC tokenized block trading).

GET IN TOUCH

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Interested in ISO for your desk? Tell us a bit about you and we’ll follow up.