The new market comes with a new market structure.
The new platform initially will eye institutional forwards trading.
High net-worth and family offices trade more than hedge funds.
The investment manager has reduced execution costs by 64%.
State oversight remains a cacophony of regulations.
Institutional traders find bitcoin spot market unlike any other.
State treasurer seeks greater investment via greater transparency.
OTC swaps traders are not shopping around their orders, say experts.
Trading-platform provider links to Coinbase's GDAX exchange.