SIX and LMAX Group have partnered to launch cash-settled, centrally cleared crypto-asset futures. LMAX is an operator of institutional exchanges for FX and crypto currency trading servicing 35 banks. The launch, expected in Q3 2022, will initially include centrally cleared USD-settled Bitcoin and Ethereum futures, trading 23 hours, five days a week, with the full product roll out to be extended to 24/7 trading.
As digital assets and traditional capital markets increasingly converge, 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.
David Mercer, CEO of LMAX Group, said in a statement: “The market in crypto futures 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.”
Javier Hernani, head of Securities Services at SIX, said in a statement: “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.”