The UK could see its first centralized trading venue for digital asset derivatives due to a partnership between a London Stock Exchange Group (LSEG) company and startup Global Futures and Options (GFO-X). They pretend to launch the service in the fourth quarter of this year.
According to an April 11 announcement, LCH SA, the Paris-based subsidiary of clearing house LSEG, is ready to provide clearing services for dollar-denominated and cash-settled Bitcoin (BTC) futures and options contracts traded. at the GFO-X location. . The plan still requires regulatory approval.
Digital assets: LCH SA will offer clearing services for Bitcoin F&O contracts traded on GFO-X https://t.co/n1bF2ZbZwp
—DailyAlts (@DailyAlts) April 13, 2023
GFO-X is regulated by the UK Financial Conduct Authority (FCA) to operate a multilateral trading facility. GFO-X CEO and co-founder Arnab Sen described the company as “the UK’s first centrally cleared and regulated trading venue focused entirely on digital asset futures and options.”
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LCH SA has created a new segregated clearing service called LCH DigitalAssetClear. Frank SoussanM, head of LCH DigitalAssetClear, said:
“Bitcoin index futures and options are a rapidly growing asset class, with increasing interest among institutional market participants seeking access within a regulated environment with which they are familiar.”
Traditional financial institutions and other major corporations are increasingly moving towards digital assets. In January, Samsung launched a Bitcoin exchange-traded fund (ETF) on the Hong Kong Stock Exchange. The Tel Aviv Stock Exchange is looking to expand its cryptocurrency trading. Meanwhile, a subsidiary of Boerse Stuttgart Digital recently received approval from German regulators to offer the cryptocurrency custody service. Nasdaq is expected to launch a crypto custody service in the first half of this year.
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