Institutional cryptocurrency exchange LMAX has announced a partnership with Swiss financial services group SIX to launch digital asset futures products.
Institutional cryptocurrency exchange LMAX has announced a partnership with Swiss financial services group SIX to launch cash-settled, centrally cleared crypto-asset futures.
With the increasing institutional adoption of crypto trading, LMAX Group CEO David Mercer reveals that the company will complete its offering by adding digital asset futures to its portfolio through the latest partnership.Based on regulatory approval, LMAX said the launch is expected in Q3 2022. As per the official
, the product will initially include centrally cleared USD settled Bitcoin and Ethereum futures. It will trade for 23 hours, five days a week. However, the fintech firm plans to eventually extend the roll-out to 24/7 trading.
According to Mercer, LMAX’s institutional client base, which includes 35 top-tier banks that are already trading with the company, will benefit from the strength of the exchange trading technology, in addition to the “secure clearing connectivity of SIX.”The exec also said the partnership will help bridge the gap in facilitating round-the-clock crypto futures trading seven days/week while catering to the requirement of a rapidly growing number of institutional participants in the ecosystem.
While noting that the crypto futures market is three times bigger than the spot, Mercer added that the key is to offer access to deep institutional liquidity. It comes when the market-wide push into the derivatives sector has noted a significant increase.“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.
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