The market doesn’t need another trading venue. It needs a new interaction model.
NEW YORK, April 27, 2026–(BUSINESS WIRE)–Mosaic ATS, today, introduces a new interaction model centered on trading compatibility between counterparties driven by MERIT.
Global markets have experienced paradigm shifts in both the composition of participants and the infrastructure supporting transactions. The combined effects have fundamentally altered the dynamics of interactions between counterparties. As a result, investors and risk providers are increasingly finding themselves on opposite sides of trades with limited protections against adverse selection, footprint leakage and signaling risks which manifest after a match.
“Market centers have been engineered to optimize the match – but trading performance lives in the minutes and hours that follow. This disconnect between system design and trading intent is a non-trivial market blind spot. And as higher quality liquidity is increasingly internalized out of the broader market, rising levels of exhaust amplify this challenge. The industry has done a great job in improving child order markouts and quote stability, which we view as the start point to tackling higher value parent order problems. Our mission is to curate higher quality interactions with minimal footprint for the broader market,“ said John Cosenza, Co-CEO, Mosaic Platforms.
Mosaic ATS segments its order book into interactions between two classifications – investors and risk providers. Mosaic systematizes order context to measure workflows for price effects on counterparties and protect footprint. This is accomplished through a proprietary scoring and rating system, MERIT (Market Execution Rating for Informed Trading) which serves as the criteria for orders to match.
“Matching models optimize price and time availability – without accounting for what happens next. MERIT changes that and allows investors and risk providers to share meaningful value, driving two-sided network effects and compounding performance benefits. We believe this represents the next evolution for market centers,” said Joe Wald, Co-CEO, Mosaic Platforms.
Co-Founders and Co-CEOs John Cosenza and Joe Wald have pioneered electronic trading innovation from its infancy – as builders, operators, power users and strategic investors across both trading platforms and market centers. They share a vision that a compatibility layer, driven by MERIT will evolve traditional matching based on availability and serve as the new interaction model market centers will standardize on – across asset classes, geographies, and matching engines.