What a maker does

The maker

A maker answers RFQs with firm quotes and stands on the other side of the NDF. The maker posts the smaller deposit. The maker earns the spread.

Do I sign an ISDA with every client?

No. You adhere to the CRX ISDA once. That one adherence covers every counterparty on the venue — present and future.

A new taker arrives already inside your master agreement. You quote them the moment they send an RFQ. There is no paper to negotiate, no credit memo to circulate, no wait.

One ISDA, the whole network. Onboarding a client takes one RFQ, not one negotiation.

Which clients can I serve, and what can I offer?

Any taker on the venue, across every supported pair. You choose what to quote, RFQ by RFQ.

• Any client type — a fund, a corporate treasury, another desk. They face you through the same ISDA; their type changes nothing on your side.
• Any supported pair — quote the pairs you have a view on, skip the rest. See Supported pairs (~2 min).
• On demand — you answer the RFQs you want and decline the ones you don't. No obligation to quote everything.

Revenue

The spread, minus the funding cost of the margin. A maker posts margin in sUSDS to earn yield while the trade is open, lowering the funding cost. See Margin & default protection (~4 min).