Bitfinex Set Out to Curb Market Abuse with Shimmer

After witnessing an explosive trading volume spike on March 12, Bitfinex has raged a war against market abuse. As per the official release, the platform has now deployed a proprietary surveillance tool, Shimmer, to that effect.

This new sophisticated market alert and reporting tool is poised to help Bitfinex defend market integrity. Moreover, Shimmer will be effective in promoting orderly trading. As a direct result, there will be protection for platform traders from the side-effects of market manipulation.

What is Shimmer?

Using Rust core, Shimmer is a scalable tool capable of identifying and investigating:

  • Market manipulative behaviors
  • Suspicious trading practices

And, there is every hope that this new tool delivers upon its promise to improve market integrity and visibility.

According to Bitfinex, the introduction of this state-of-the-art tool would lead to combating serious manipulative practices like wash trading. As a result, the platform can emerge as a highly transparent and orderly crypto trading.

Moreover, the surveillance tool has been designed to operate seamlessly with the existing infrastructure. Shimmer will thus function in sync with the platform’s matching engine, Hive.

Speaking on the subject, Bitfinex CTO, Paolo Ardoino, also stated that they expected Shimmer to be a very relevant tool for futures and margin funding product traders.

Experience matters

Established in 2012, Bitfinex holds a deep understanding of market manipulation dynamics. The expertise of their market surveillance team has now resulted in inspiring this latest initiative of developing Shimmer.

With the launch, the teams can expect to receive automatic alerts of improper trading activities. Additionally, it will help to identify suspicious trading patterns and generate email summaries.

According to the Bitfinex CTO, trade surveillance capabilities and market protection were very crucial for a leading exchange. It was thus necessary that the platform introduced Shimmer to address the complex needs of their users, he added.

It is interesting to note in this regard that Bitfinex’s existing infrastructure is already supporting a variety of trading strategies. This new marketing monitoring tool is expected to attract more sophistication seeking institutional and professional investors to Bitfinex.

Previously, we also covered Bitfinex’s multiple attempts to enhance its liquidity pool.


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