LMAX Group partners with SIX to launch crypto futures

LMAX Group, an operator of institutional exchanges for FX and crypto currency trading, today announced it has partnered with SIX, European operators of Financial Market Infrastructures. The collaboration aims to launch cash-settled, centrally cleared crypto-asset futures.

The new crypto futures are expected to launch in the third quarter of 2022, pending regulatory approval. They will initially include centrally cleared USD settled Bitcoin and Ethereum futures, which will be traded 23 hours, five days a week. The full product roll out will be extended to 24/7 trading, the company noted.

David Mercer, CEO of LMAX Group, commented:

David Mercer, LMAX

David Mercer
Source: LinkedIn

As institutional adoption of crypto trading continues to increase, we will complete our offering by adding crypto futures to our portfolio through this partnership. Our global institutional client base, including 35 top tier banks already trading with LMAX Group, will benefit from the strength of our proven and tested exchange trading technology, combined with the secure clearing connectivity of SIX. The crypto futures market is three times bigger than spot and by offering access to deep institutional liquidity, we are providing a significant market entry opportunity as crypto and blockchain finance evolves. This pioneering solution will close the gap, enabling round-the-clock crypto futures trading, seven days/week, meeting the needs of a rapidly growing number of institutional participants.

LMAX Group partners with SIX

Javier Hernani, Head Securities Services, SIX, said:

Javier Hernani, SIX

Javier Hernani
Source: LinkedIn

This is a major milestone for SIX from several perspectives. We are making substantial progress according to our digital asset clearing strategy and are expanding our portfolio of cleared asset classes. At the same time, we have the opportunity to bring our Swiss and Spanish infrastructure strengths together by having a diverse project team with experts from both sides. We are creating a strong SIX Clearing services powerhouse that will benefit all our customers. We are excited to partner with LMAX Group and be part of this ground-breaking initiative.

The partnership leverages the expertise LMAX Group and SIX. It is expected to receive immediate uptake from existing LMAX Group clients as the digital asset ecosystem continues to institutionalise and demand for robust trading infrastructure grows.

Digital assets and traditional capital markets converge more and more in recent year. The LMAX Group sees perpetual trading at the forefront of transitioning to complete open market access, ensuring more efficient functioning of capital markets and increasing levels of global trade.

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