LCH launches DigitalAssetClear service

Rick Steves

“LCH SA is excited to be working with GFO-X, together with the industry, to provide a regulated marketplace for this asset class as we look to expand our services as a truly international clearing house.”

Bitcoin keyboard

LCH SA has received approval from French and European regulatory bodies to launch its LCH DigitalAssetClear service, which will clear cash-settled Bitcoin index futures and options contracts traded on GFO-X, a UK FCA-regulated digital asset derivatives trading venue.

The clearance by the French national competent authorities (ACPR, Banque de France, and AMF), as well as the European supervisory authorities (EMIR College, ESMA), will be a significant milestone towards integrating digital assets into regulated financial markets.

Trade and clear cash-settled Bitcoin index futures and options

The LCH DigitalAssetClear service was developed in collaboration with GFO-X and market participants and aims to provide a secure and regulated environment for trading crypto derivatives. Designed with a focus on security, the service incorporates a segregated default fund, a tailored risk management model, and a specific set of clearing rules.

The futures and options contracts will be cleared through LCH DigitalAssetClear and will be based on the GFOXBR, a Coin Metrics Single Asset Real-Time Bitcoin Index compliant with the EU Benchmark Regulation. The team-up allows firms to trade futures and options on the Bitcoin reference index directly.

LCH DigitalAssetClear’s segregated clearing service promises to offer enhanced risk mitigation, settlement, netting, and margin efficiencies within a regulated framework, showcasing LCH SA’s commitment to expanding its services to the digital asset class.

Corentine Poilvet-Clédière, CEO, LCH SA, said: “We are pleased to have received regulatory approval to launch this innovative service which will enable institutional market participants to trade and clear cash-settled Bitcoin index futures and options within a regulated environment they are familiar with and which will allow them to benefit from LCH SA’s proven risk management capabilities. LCH SA is excited to be working with GFO-X, together with the industry, to provide a regulated marketplace for this asset class as we look to expand our services as a truly international clearing house.”

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