ISO
Institutional Crypto Options Execution Network
The execution layer for institutional crypto options. A neutral, prime-broker-intermediated RFS network designed to do for crypto derivatives what CLS did for FX: bring institutional scale through fungibility, auditability, and capital efficiency. Transaction pending, expected to close Q3 2026.
The Project
One interface, one credit line, and one audit trail replace the current walled-garden model of separate APIs, credit lines, margins, and risk models per dealer relationship, with a prime broker novating each trade post-execution so positions are portable across dealers.
Value Proposition
Continuous streaming quotes (RFS), the model TradFi desks already run on, replace manual RFQ, while cross-margining against a client's full portfolio across BTC/ETH, stablecoins, Treasuries, and fiat frees collateral otherwise trapped venue by venue. Product coverage spans BTC/ETH majors and liquid non-majors through exotics, structured products, RWAs, and tokenized equity options, more than 1,500 names.
Quick Facts
- Liquid Mercury: Equity stakeholder and infrastructure partner
- Status: Transaction pending, expected to close Q3 2026
- 2025 Crypto Options Volume: $1.9T
Market Opportunity
Crypto Options Are Where FX Was Before CLS
The timing thesis is straightforward: options are only ~3% of crypto derivatives volume versus ~10% in FX, TradFi is arriving (BlackRock's IBIT options open interest has already surpassed Deribit's), and history shows volume compounds once institutional rails exist, with FX turnover growing 540% in the two decades after CLS launched. ISO is building the neutral execution layer those rails require.
$1.9T
2025 Crypto Options Volume
~3%
Options Share of Crypto Derivatives (vs ~10% in FX)
1,500+
Names Covered (majors to exotics & RWAs)
540%
FX Turnover Growth in Two Decades After CLS
1
Interface, Credit Line & Audit Trail
BTC/ETH+
Cross-Margin Across Stables, Treasuries & Fiat
How It Works
Submit. Route. Compete. Fill. Clear.
01
Stream, Don't Request
Continuous streaming dealer quotes (RFS), the execution model TradFi desks already run on, replace manual RFQ, accessed via terminal, Bloomberg, or API.
02
Route & Compete
Multi-venue smart order routing puts dealers in competition for each order, with timestamped routing, best-execution records, and TCA across the full lifecycle.
03
Novate & Clear
A prime broker novates each trade post-execution, making positions portable across dealers and removing single-venue risk.
04
Cross-Margin
Positions are cross-margined against a client's full portfolio across BTC/ETH, stablecoins, Treasuries, and fiat, freeing collateral otherwise trapped venue by venue.
Leadership
Leadership
Patrick Hourihane
Chief Executive Officer
Former member of the CME, CBOT, and LIFFE who founded BEX, an advanced FX execution algorithm firm sold to Northern Trust in 2018. Patrick runs Hibbard Road Partners, a venture studio backing digital-asset infrastructure.
Joe Piotrowski
Chief Technology Officer
20+ years building market-leading trading systems as former CTO of LiquidPoint and Dash Financial: EMS/OMS platforms, matching engines, and settlement systems processing billions in institutional volume. Joe is also COO of Liquid Mercury, aligning the two companies at the operating level.
Ron Klipstein
Chief Strategy Officer
25 years in electronic trading across the CBOT, CME, and GETCO; founder of Holon Trading (exited), former Director of FX Auto Trading at Citibank and Global Head of Electronic FX at Northern Trust, and co-founder of Membrane Labs.
Johnny Perkaus
Chief Product Officer
10 years trading blockchain assets, with prior product experience at ParkWhiz. Johnny co-founded Paragon, an OTC tokenized block trading platform.
Competitive Landscape
How ISO Is Different
| Competitor | ISO Advantage |
|---|---|
| Single-Dealer Walled Gardens | One interface, one credit line, one audit trail across all dealers |
| Manual RFQ Workflows | Continuous streaming quotes (RFS), the model TradFi desks already run on |
| Venue-by-Venue Margining | Portfolio cross-margining across BTC/ETH, stables, Treasuries, and fiat |
| Exchange-Locked Positions | Prime-broker novation makes positions portable across dealers, removing venue risk |
Powered by Liquid Mercury
Mercury Technology Stack
Mercury Products
- Smart Order Routing
- Matching Engine
- Mercury Ledger
- OEMS
- RFQ Block Network
Mercury Services
- Settlement & Reconciliation
- Custody & PB Integration (FIX/API)
- Business Development
Partner Services
- Prime Broker Novation
- Custody Providers
Next Step
Learn More About ACQUA1
ISO's transaction is expected to close in Q3 2026. Contact the team for deeper portfolio context, offering materials, and additional information about how ISO fits into the ACQUA1 structure.
Request Details