Cboe Digital joins FIA’s industry standards body for exchange-traded and cleared derivatives markets

Rick Steves

“As a crypto native exchange built within the guidelines of the U.S. regulatory framework, we sit in a unique position to support the development of standards for traditional and alternative asset classes.”

Cboe Digital has joined the Derivatives Market Institute for Standards, Inc. (DMIST) as an Ambassador as the crypto native exchange, formerly known as ErisX, is able to offer great value to the development of standards for traditional and alternative asset classes.

DMIST is an industry-governed standards body supported by the Futures Industry Association (FIA). The focus is on improving the efficiency, resiliency, competitiveness, and innovativeness of the exchange-traded and cleared derivatives markets.

Cboe Digital’s team will now participate in working groups for developing and vetting proposed industry standards.

“Unique position to support the development of standards for traditional and alternative asset classes”

John Palmer, President of Cboe Digital, said: “As a crypto native exchange built within the guidelines of the U.S. regulatory framework, we sit in a unique position to support the development of standards for traditional and alternative asset classes. We look forward to working with our fellow DMIST colleagues to define industry best practices to improve trading and clearing processes and promote transparent and efficient markets.”

Don Byron, Senior Vice President at FIA, commented: “Cboe Digital’s innovative approach to clearing of digital assets is a welcome addition to the Sponsors and Ambassadors of the DMIST initiative.”

Cboe Digital offers access to crypto spot and futures markets to individuals and institutions. Futures are offered through Cboe Digital Exchange, LLC, a CFTC registered DCM and Cboe Clear Digital, LLC, a CFTC registered DCO.

Cboe Digital’s Spot Market is not licensed, approved or registered with the CFTC and transactions on the Cboe Digital Spot Market are not subject to CFTC rules, regulations or regulatory oversight. Cboe Digital Spot Market is subject to certain state licensing requirements and operates in NY pursuant to Cboe Clear Digital’s license to engage in virtual currency business activity by the New York State Department of Financial Services.

IG’s tastytrade, Interactive Brokers, Robinhood are investor partners

In November 2022, Cboe completed the syndication of minority equity interests with a group of thirteen firms becoming investor partners in the Cboe Digital business. The list of investors include retail and institutional intermediaries, liquidity providers, and brokers.

Cboe Digital partners include B2C2, DRW, Galaxy Digital, GSR, Hidden Road, IMC, Interactive Brokers, Jane Street, Jump Crypto, Robinhood, Susquehanna International Group, tastytrade, and Virtu Financial.

Their equity ownership will allow them to directly benefit from the growth of Cboe Digital and close strategic and commercial alignment. Investor partners join a roster of commercial partner firms supporting the Cboe Digital business.

Cboe also formed a Digital Advisory Committee comprised of a cross-section of investor and commercial partner firms, which are tasked with advising on the ongoing development of the Cboe Digital spot and derivatives markets, and more broadly, the digital asset space.

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