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:
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.