iSAM Securities has connected its Apex broker technology to Crossover Markets’ CROSSx digital-asset execution venue. Publicised on 16 October, the integration is available to Apex brokers and adds an institutional source of crypto liquidity alongside their existing providers.[1][5]
iSAM says brokers can select order-book ranges and turn them into quote levels using volume-weighted average pricing or the worst price within the chosen range. Those configurations can be adjusted in real time.[1]
The broker, bridge and venue perform different jobs
Roles in the connected execution stack
| Component | Published role | Operational responsibility |
|---|---|---|
| Apex | Routes and manages broker flow through configurable rules | The broker configures risk treatment and routing of its customer flow.Source 2 |
| CROSSx | Institutional electronic communication network for digital-asset execution | Execution is separate from custody and brokerage services.Source 3 |
| Credit and settlement arrangements | Participants and sponsoring brokers establish the relevant agreements and limits | Participant agreements and sponsoring-broker limits support trade acceptance and settlement.Source 4 |
Apex’s routing rules can use symbols, users or user groups, account characteristics and order source, with reconciliation between broker books and liquidity-provider accounts. The CROSSx connection joins that existing risk workflow: each broker chooses how to construct customer prices and when to manage its exposure externally.[2]
Order-book depth can produce different quote levels
Consider an illustrative ask book with one unit at US$100,000 and another two at US$100,030. The same three-unit range produces different reference prices under the two disclosed methods. These are invented prices and quantities for explanation, not observed CROSSx quotes.
Illustration: two treatments of the same three-unit ask range
| Treatment | Calculation | Result per unit |
|---|---|---|
| Volume-weighted average | ($100,000 × 1 + $100,030 × 2) ÷ 3 | $100,020Source 1 |
| Worst in range | Highest ask within the selected range | $100,030Source 1 |
The two reference prices differ by US$10 per unit, or US$30 across the three-unit example, before charges and changes in the book. That difference shows why the intended trade size and selected depth must be held constant when comparing a configured quote with an executable hedge. Broker adjustments, timing and actual fills determine the realised economics.
Spot hedging leaves credit and settlement work to do
Crossover describes CROSSx as an execution-only venue with tailored liquidity pools. Participants can connect through FIX or a graphical interface, and the venue operates around the clock. Its public model does not offer custody, brokerage or a credit relationship in which CROSSx faces the customer. Those functions sit elsewhere in a participant’s arrangements.[3]
The published rulebook gives that separation operational substance. Participants need their own trade agreements for settlement. A trade cannot be formed if it would exceed the applicable settlement limit, and sponsoring brokers provide credit-limit instructions. The rules also address rejected orders or cancelled trades when limits are breached. Available liquidity and available credit are consequently separate constraints.[4]
Crossover’s executive commentary presents underlying spot execution as a way for CFD brokers to hedge crypto exposure and potentially net positions before settlement.[1]
The retail CFD remains a derivative contract with the broker, while an underlying spot hedge manages the broker’s exposure. That leaves customer pricing and ownership rights attached to the retail contract, and credit, custody and settlement attached to the broker’s wholesale arrangements.
The integration adds a configurable liquidity source
iSAM has not published an all-in tariff or measured savings for the connection. Brokers can assess its contribution through fills at relevant sizes, hedge costs and reconciled positions, using the new source alongside their existing providers.[1][2]
Sources & further reading
- iSAM Securities Apex Integrates with Crossover Markets to Expand Digital Asset Liquidity Access iSAM Securities · Accessed 20 Oct 2026
- iSAM Securities Apex iSAM Securities · Accessed 20 Oct 2026
- CROSSx: The Digital Asset ECN and participant information Crossover Markets · Accessed 20 Oct 2026
- CROSSx Rulebook version 2.0, September 2025 CROSSx Technologies Ltd · 1 Sep 2025 · Accessed 20 Oct 2026
- iSAM Securities Apex integrates with Crossover Markets to expand digital asset liquidity access FX News Group · 16 Oct 2026 · Accessed 20 Oct 2026