CFTC licensed cryptocurrency derivatives clearing to ErisX02.07.2019
The United States Commodity Futures Trading Commission (CFTC) licensed Bitcoin futures contracts to the supplier of cryptocurrency derivatives ErisX, TD Ameritrade
ErisX, supported by TD Ameritrade, has announced that it has received a license for clearing cryptocurrency derivatives (DCO) in addition to the previously issued license to operate as a futures exchange (DCM). This means that now the company can issue Bitcoin futures contracts with the approval of the American regulator.
Although the exact timing is not reported, the company said it will launch Bitcoin futures with physical delivery in the near future. ErisX CEO Thomas Chippas said in a statement that the company is “unique” because it “divided the trading and settlement functions using traditional DCM and DCO models.” He also added that “this reflects the structure that institutional investors expect from other asset classes. In addition, it will help increase the availability of new markets. ”
“In accordance with the DCO license, ErisX will be authorized to provide clearing services for cryptocurrency futures with physical delivery. ErisX’s immediate parent company, Eris Exchange, LLC, is listed on the CFTC as a futures exchange, ”according to a press release from CFTC.
In addition to the DCO license, ErisX received a guarantee of inaction from CFTC regarding certain aspects of its offer. Companies apply for a similar guarantee when they consider that their product can comply with the laws, even if they are not directly mentioned in them. When such guarantees of inaction are given, claimants must strictly adhere to the list of requirements set forth therein.
Note that ErisX received a DCO license a week after the CFTC issued a DCM license to LedgerX. Like ErisX, LedgerX has not yet announced the exact dates for the launch of Bitcoin futures contracts. In addition, in June, the institutional cryptocurrency platform Bakkt announced that on July 22 it will begin testing Bitcoin futures.