Rulematch

Rulematch is a Switzerland-based crypto-asset and stablecoin trading and settlement venue open only to supervised financial institutions, with Nasdaq supplying the matching engine and market-surveillance technology and access limited to banks and brokers from Switzerland and equivalently regulated countries. It addresses the lack of a regulated, low-latency venue for inter-institutional crypto trading with counterparty-risk isolation by matching on a central limit order book by price-time priority and reducing settlement risk through multilateral net settlement and per-trade clearing. Custody uses Ripple Custody with FIPS 140-2 Level 4 certified HSM key protection, AML/CFT relies on Elliptic on-chain screening and Pythagoras KYC, and DvP transfers move assets wallet-to-wallet with no pooling.

Rulematch positions itself as an interbank trading and settlement layer, distinct from retail-facing CEXs and unlicensed OTC, with a product mix of spot CLOB, designated-market-maker liquidity, and sponsored access for banks' institutional clients. Notably the operator RULEMATCH AG is not licensed as a bank, securities firm, or financial-market infrastructure by Switzerland's FINMA, so its service boundary is defined by the existing regulatory status of participating institutions.