Crypto derivatives exchange D2X deploys Scila Surveillance for its EU-regulated MTF

Rick Steves

D2X lists cash-settled derivatives denominated in Euro to address the operational risks and the challenging regulatory framework limiting the institutional adoption of the asset class.  

Crypto derivatives exchange D2X has partnered with Stockholm-based leading independent surveillance, risk & anti-money laundering technology provider Scila AB to deploy its market monitoring solution Scila Surveillance.

D2X will provide digital asset options and futures trading as a EU-regulated Multilateral Trading Facility and, for that, it will need a powerful and flexible real-time market surveillance tool such as Scila’s.

Scila Surveillance is deployed at customer sites in more than 20 countries, including exchanges, regulators and market participants, including some of the largest cryptocurrency exchanges and traders across the globe.

The Scila solution includes a broad selection of alert rules and reports, a powerful search and replay functionality as well as trading analytics tools. The solution utilizes advanced machine learning capabilities, based on both unsupervised and supervised learning.

Crypto is now part of the financial system and capital markets

Lars-Ivar Sellberg, Executive Chairman and one of the Co-Founders at Scila, said: “Digital assets and cryptocurrencies have become an integrated part of the financial system and capital markets. Market surveillance is a key part for maintaining confidence in these markets. Hence we are glad to see that Scila’s products are being widely used and continue to grow in this area. We are excited to work with D2X on this project”.

“D2X’s strategy is regulatory first, as such it is our top priority to have a state-of-the art technology to ensure fair and orderly trading on our market”, says Laetitia Grimaud, Co-Founder and General Counsel at D2X Group.

D2X was founded in 2020 and has recently raised €5 million in a seed funding round to build an institutional-grade and regulated options and futures exchange for digital assets in Europe.

The funding was led by Tioga Capital Partners, with participation from Flow Traders, Fortino Capital, Kima Ventures and Picus Capital.

The digital asset space in Europe still faces many challenges, from a lack of liquidity, operational risks to the absence of institutional-grade market infrastructure.

Amsterdam-based D2X was built with these issues in mind, with the idea to provide financial institutions with a capital-efficient and clean exposure to the asset class while mitigating operational and regulatory risks.

By listing cash-settled derivatives denominated in Euro, D2X addresses the operational risks and the challenging regulatory framework limiting the institutional adoption of the asset class.

In November 2021, Finance Feeds covered the partnership between Scila AB and Archax, a digital securities exchange, broker, and custodian regulated by the UK Financial Conduct Authority (FCA).

The agreement regarded the deployment of AML and surveillance capabilities as digital asset trading continues to present immense challenges. The crypto asset trading platform will use Scila for its cryptocurrency market, deploying the real-time market surveillance and anti-money laundering tool.

The Scila solution includes a broad selection of alert rules and reports, a powerful search and replay functionality as well as trading analytics tools. The solution utilises advanced machine learning capabilities, based on both unsupervised and supervised learning.

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