卖什么
The Smart Market for Institutional Investors
商业模式拆解
买家：谁掌握预算？
Institutional brokers and buy-side/sell-side trading desks, who route orders to the venue via broker algorithms, routers and DMA suites.
触发点：什么让他们现在购买？
Seeking better execution quality and less information leakage and adverse selection than price/time-priority lit and dark venues.
工作流：什么输入变成什么输出？
Orders reach a dark ATS through existing broker workflows; the venue runs time-randomized auctions 10-20 times per second and matches orders by mathematical optimization of notional price improvement, supporting expressive bidding such as conditionals and pairs.
经济账：省了什么，怎么收费？
Operates trading venues (US equities ATS via broker-dealer subsidiary, spot FX, Europe MTF planned) earning per-trade fees; claims record average daily matched volume of 326M shares and $29B notional (Aug 4 2026) and $4T+ matched since inception. Fee schedule not published.
渠道：怎么接触到客户？
Integration via brokers (all major institutional brokers live), FIX spec and documentation, contact sales.
融资历史与报道
| 融资日期 | 轮次 | 金额 | 投资方 | 来源 |
|---|---|---|---|---|
| — | YC 2016 夏季 | — | Y Combinator | ycombinator.com |
档案汇总自公开报道和公司官网。商业模式部分是 MaxBC 对这些材料的解读，不是已确认的事实；未知之处留空，不作猜测。 更新于 2026-10-12.