BLOX Markets
BLOX Markets is a NYC-based fintech developing Openpool, a retail-focused U.S. equities Alternative Trading System using an order competition framework and inverse-fee model. The pre-launch venue targets registered U.S. broker-dealers, market makers, and institutional investors, targeting a 2026 launch.
- Company typePrivate
- Founded2023
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What BLOX Markets does
BLOX Markets, Inc. is an independent New York-based fintech company founded in 2023 that is developing Openpool, a retail-focused Alternative Trading System (ATS) for U.S. equities. The venue is designed as a Regulation NMS Stock inverted trading venue operating as a continuous market with no retail auctions, batch auctions, or speed bumps. Its stated mechanism is an order competition framework intended to bring retail and institutional investors into competition on the same venue, alongside an inverse-fee pricing model that charges liquidity providers (rather than the traditional maker-taker rebate model) and an equity-rights program to incentivize market makers to onboard ahead of launch. The platform supports limited client segmentation buckets open to all participants, without counterparty selection or private rooms.
Openpool's technology stack combines FIX protocol engineering, Aeron high-performance messaging and clustering technology from Adaptive, AWS cloud infrastructure, and Sigma Computing analytics. The company has assembled channel partnerships across the stack, including AWS (May 2025), Options Technology (April 2025), Adaptive/Aeron (December 2025), Sigma Computing (November 2024), OptimX Markets (December 2024), and Fintech Sandbox (January 2025). The venue is not yet operational and remains subject to SEC regulatory filings and approvals, with the company targeting a 2026 launch and Bloomberg Intelligence reporting a 1Q27 timeline. The SEC's Regulation NMS reforms have been deferred to November 2026 implementation, which management describes as beneficial given its pre-launch status.
The intended go-to-market is B2B enterprise field sales targeting registered U.S. broker-dealers as members, supported by conference presence (STANY, SIFMA, Bloomberg Market Structure, TabbFORUM ATS Symposium, NYSE Microstructure, etc.), content marketing via a Medium blog and email newsletter, and earned media in Traders Magazine, Bloomberg Intelligence, Rosenblatt reports, and Risk.net. The company plans to generate revenue through per-share or volume-based transaction fees via the inverse-fee model, with a planned second rebate order book to compensate liquidity takers similar to payment-for-order-flow (PFOF) structures. BLOX Markets is privately held, backed by undisclosed private investors, and has 1-10 employees. Co-founders are Khody Azmoon (CEO, head of operations, product strategy, and FIX engineering) and John Zimmerman (MD, Head of Engineering), with Jon Schneider serving as MD, Head of Business Development and Sales.
BLOX Markets firmographics
Firmographics- Name
- BLOX Markets
- Legal name
- BLOX Markets, Inc.
- Website
- https://bloxmarkets.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- BLOX Markets is a NYC-based fintech developing Openpool, a retail-focused U.S. equities Alternative Trading System using an order competition framework and inverse-fee model. The pre-launch venue targets registered U.S. broker-dealers, market makers, and institutional investors, targeting a 2026 launch.
- Ownership category
- akta.pro rank
BLOX Markets industry classification
Industry- Product category
- Alternative Trading System (Equities)
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)
- akta.pro secondary industries
- Equity Market Making & Liquidity Provision (Cash Equities) (FSACAFAJ), Market Making & Liquidity Programs (Exchange-Operated) (FSADAAAI)
Keywords
Where BLOX Markets is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
BLOX Markets business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Transaction Fees: ATS generates revenue through transaction fees, either per share or based on the volume of shares traded. The inverse-fee model charges liquidity providers while initially not providing rebates.
- Planned Rebate Order Book: Following initial launch, management plans to add a second rebate order book that will compensate liquidity takers, similar to payment-for-order-flow (PFOF) structures, creating an additional revenue stream.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Broker-dealer membership |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
BLOX Markets product offering
Product offeringCore offering
BLOX Markets is developing Openpool, a retail-focused Alternative Trading System (ATS) for U.S. equities trading designed as a Reg NMS Stock inverted trading venue with continuous trading. The platform enables order competition between retail brokers, electronic liquidity providers, and institutional investors, and operates on an inverse-fee model that charges liquidity providers rather than the traditional maker-taker rebate structure.
Product overview
BLOX Markets offers a single unified product, Openpool, a retail-focused Alternative Trading System (ATS) for U.S. equities. Openpool is designed as a Reg NMS Stock inverted trading venue promoting order competition, allowing retail investors to compete on a level playing field with institutional investors. The platform operates continuously (no auctions, speed bumps, or batch events), uses an inverse-fee model charging liquidity providers, and includes an equity-rights program to incentivize market makers. The company leverages proprietary technology infrastructure and partnerships with Adaptive (Aeron messaging), Options Technology (trading infrastructure), and Sigma Computing (data analytics) to power its trading venue.
Differentiator
Problem solved
Functional benefit
Brands
- Openpool: A new retail-focused U.S. equities trading venue being developed by BLOX Markets. An Alternative Trading System (ATS) designed to open up access to off-exchange equity retail flow through order competition.
Products and services
- Openpool Openpool is a retail-focused Alternative Trading System (ATS) for U.S. equities trading, designed as a Reg NMS Stock inverted trading venue with continuous trading. It enables order competition among retail brokers, electronic liquidity providers, and institutional investors through an inverse-fee model that charges liquidity providers (takers pay) and an equity-rights program to onboard market makers. Access is limited to registered U.S. broker-dealers as members, with retail and buy-side order flow accepted through agency brokers, wholesale market makers, and sponsored access.
Companies that use BLOX Markets
Customer profileSegments4 records
Ideal customer profiles3 records
BLOX Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature6 records
BLOX Markets partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, minor and major.
- Adaptive (Aeron)coreIntegration of Aeron, a high-performance open-source messaging and clustering technology by Adaptive, into Openpool. Provides low-latency, scalable, and resilient trading environment for the upcoming retail-focused U.S. equities trading venue.
- Amazon Web Services (AWS)coreAWS supports BLOX Markets with scalable cloud infrastructure for Openpool trading venue's development and testing environments. AWS announced BLOX Markets as part of cloud adoption updates for financial market infrastructure providers in 1H25.
- Options TechnologycorePartnership to power Openpool with trading infrastructure and market data solutions. Options Technology provides comprehensive trading infrastructure and market data capabilities.
- Fintech SandboxminorBLOX Markets participates in Fintech Sandbox community, featured in their January 2025 community newsletter for fintech innovators.
- OptimX MarketsminorEarly-stage partnership between BLOX Markets, Inc. and OptimX Markets for collaborative development of trading venue capabilities.
- Sigma ComputingmajorBLOX Markets implemented Sigma Computing's platform to elevate data analytics capabilities for the Openpool trading venue.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
BLOX Markets competitors and assessment
Company assessmentEmerging players
- MIAX: MIAX is a newer exchange group that built share through member-driven, equity-for-flow structures. Comparable as an emerging exchange/venue operator that disrupted incumbent economics in equities/options.
Direct peers
- MEMX (Members Exchange): MEMX is a broker-/retail-aligned equities exchange founded in 2019 that used equity-for-flow incentives to seed liquidity. Comparable to BLOX Markets in being a newer, member-driven venue targeting inefficiencies in incumbent exchange economics.
- IEX: IEX launched as a retail-investor-focused ATS with structural execution-quality differentiators (speed bump, crumbling quote) before transitioning to a national exchange. It is the most direct precedent for BLOX Markets' thesis that retail execution quality is a winnable market niche.
- Blue Ocean Technologies: Blue Ocean ATS is a newer U.S. equities alternative trading system focused on extending trading hours and retail access. It competes in the same retail-flow, ATS category BLOX Markets targets.
Broad incumbents
- NYSE: NYSE operates primary listing venues and affiliated ATSs (NYSE American, NYSE National, NYSE Arca). Broad incumbent whose retail-flow routing decisions materially affect ATS market share.
- Nasdaq: Nasdaq operates multiple equities exchanges and ATSs (e.g., Nasdaq BX, PSX) and competes for retail equity order flow. It is a broad incumbent whose market structure decisions shape BLOX Markets' addressable market.
- Cboe Global Markets: Cboe operates multiple equities exchanges/ATSs (EDGX, EDGA, BYX, BZX) including retail-order-routing products. It is a broad incumbent competitor with overlapping ATS venue capabilities.
- OTC Markets Group: OTC Markets operates alternative trading venues for U.S. equities and is an established broader incumbent in the non-listed-exchange trading space, providing a comparable venue-operator business model.
Others
- Virtu Financial: Virtu Financial is the largest wholesale market maker and operates its own ATS/internalizer. It is the type of counterparty BLOX Markets needs to onboard as a liquidity provider and the dominant competitor for retail order flow.
- Citadel Securities: Citadel Securities is the largest U.S. retail wholesale market maker and operates Citadel Connect, its own ATS. It is both a potential anchor liquidity provider for BLOX Markets and its most formidable competitor for retail order flow.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
BLOX Markets social profiles
Digital presenceBLOX Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
BLOX Markets leadership team
Management profileNumber of profiles
Profiles3 records
BLOX Markets funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BLOX Markets M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BLOX Markets
What does BLOX Markets do?
BLOX Markets is developing Openpool, a retail-focused Alternative Trading System (ATS) for U.S. equities trading designed as a Reg NMS Stock inverted trading venue with continuous trading. The platform enables order competition between retail brokers, electronic liquidity providers, and institutional investors, and operates on an inverse-fee model that charges liquidity providers rather than the traditional maker-taker rebate structure.
Is BLOX Markets a public or private company?
BLOX Markets is a private company. It is classified as venture growth investor backed and is currently operating.
When was BLOX Markets founded?
BLOX Markets was founded in 2023. It employs 1 to 10 people.
Where is BLOX Markets based?
BLOX Markets is headquartered in New York, United States, in the North America region.
How does BLOX Markets make money?
Two revenue lines are on record. Transaction Fees are the primary driver. The others are planned Rebate Order Book.
Who are BLOX Markets's main competitors?
MIAX is listed as an emerging player. Direct peers are MEMX (Members Exchange), IEX and Blue Ocean Technologies. Broad incumbents are NYSE, Nasdaq, Cboe Global Markets and OTC Markets Group. Others are Virtu Financial and Citadel Securities.
Does BLOX Markets have an API?
No public API is recorded for BLOX Markets.
What industry is BLOX Markets in?
BLOX Markets's product category is Alternative Trading System (Equities). Its primary akta.pro industry code is FSAFANAA, Equities Trade Execution Platforms (ATS/MTF/ECN), with a secondary code of FSACAFAJ, Equity Market Making & Liquidity Provision (Cash Equities). Its NAICS code is 523210 and its SIC code is 6211.