Flexible Order Book
A look at Swivel's largest differentiator.
Swivel is differentiated from other projects by the application of a unique, flexible orderbook infrastructure that allows the entry/exit of any fixed rate zero-coupon bond, or any corresponding floating interest coupon position through a shared pricing mechanism.
Support for Efficient Risk Management and Return Seeking
Users and market makers can use Swivel’s orderbook to accurately execute strategies and take positions with a precision not possible on an AMM (Automated Market Maker).
Advantages for market makers
Swivel offers attractive incentives for market makers. Institutions with large positions in other venues can offset their risk by making markets while taking countervailing positions on Swivel, and generating market making fees on the spreads between venues.
Swivel’s orderbook facilitates active capital allocation with respect to underlying money-market rates, ensuring market-makers can manage risk and retain an edge in times of rate volatility.
The orderbook’s shared pricing mechanism results in dynamic pricing and significantly enhanced capital efficiency. Each user has the ability to enter into positions that more exactly meet their appetites for risk, reward and tenor than wholesale financial markets, without the need for bank intermediation or predatory fees. Swivel facilitates exchange of value and risk at a level of precision that previously has been unavailable to individual investors and small enterprises.