London Stock Exchange partners digital trading platform to offer Bitcoin futures and options
Add BT as a preferred source
LONDON Stock Exchange Group (LSEG) has teamed up with Global Futures and Options (GFO-X) to offer Britain’s first regulated trading and clearing in Bitcoin index futures and options derivatives, the companies said on Thursday (Apr 13).
Britain, which aims to become a global hub for crypto technology, launched a public consultation earlier this year on future rules for crypto assets, which are currently unregulated.
GFO-X, which is licensed by the UK’s Financial Conduct Authority, is a startup platform aimed at global institutional investors who want to trade digital asset derivatives.
LSEG’s Paris-based LCH clearing unit will introduce a new, segregated clearing service, called DigitalAssetClear, for cash-settled US dollar-denominated digital assets traded on GFO-X.
The new service is expected to start in the fourth quarter of this year, pending approval from French regulators.
“GFO-X is taking the first steps to extract efficiencies from new technologies within a traditional market structure, with the goal over time of delivering 24/7 trading to global regulated digital asset markets,” GFO-X said in a statement.
The inclusion of a long-established mainstream clearing house is aimed at reassuring investors after collapses in the crypto sector, including FTX last year.
Arnab Sen, chief executive and co-founder of GFO-X, said: “Recent market events in the trading of digital assets have highlighted the need for a safe, regulated venue, where large financial institutions can trade at scale, while keeping their clients’ assets protected.”
Frank Soussan, head of LCH DigitalAssetClear, said Bitcoin index futures and options are a rapidly growing asset class, with increasing interest among institutional investors.
“We look forward to working with GFO-X and market participants alike to build a liquid, regulated marketplace for these products, and contributing to its safe growth and development,” he said. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Shanda co-founder sells Tanglin Hill bungalow for S$76 million
Nearly half of Apac’s wealthy expect market crash or correction, plan to rotate to cash: study
Jumbo Seafood to close flagship East Coast Seafood Centre outlet on Sep 30
