LMAX and SIX partner to offer cash-settled, centrally cleared crypto futures in Q3 2022

Rick Steves

“The market in crypto futures is three times bigger than spot and by offering access to deep institutional liquidity, we are providing a significant market entry opportunity as crypto and blockchain finance evolves.”

SIX Swiss Exchange has partnered LMAX Group to launch cash-settled, centrally cleared crypto futures in Q3 2022, pending regulatory approval.

The launch will initially include centrally cleared USD settled Bitcoin and Ethereum futures, trading 23 hours, five days a week, with the full product roll out to be extended to 24/7 trading.

LMAX Group, which operates institutional exchanges for FX and cryptocurrency trading, has been leading the way within the trading industry for many years now and has quickly jumped on the crypto bandwagon to play a key role in the future of digital assets.

LMAX’s institutional client base meets SIX’s clearing connectivity

By leveraging the expertise of two leading market players, the partnership between LMAX and SIX is set to deliver a superior crypto offering.

As the digital asset ecosystem continues to institutionalize and demand for robust trading infrastructure grows, the new crypto offering is expected to receive immediate uptake from existing LMAX clients.

LMAX Group sees perpetual trading at the forefront of transitioning to complete, open market access, ensuring more efficient functioning of capital markets and increasing levels of global trade.

David Mercer, Chief Executive Officer of LMAX Group, said: “As institutional adoption of crypto trading continues to increase, we will complete our offering by adding crypto futures to our portfolio through this partnership. Our global institutional client base, including 35 top tier banks already trading with LMAX Group, will benefit from the strength of our proven and tested exchange trading technology, combined with the secure, clearing connectivity of SIX.

“The market in crypto futures is three times bigger than spot and by offering access to deep institutional liquidity, we are providing a significant market entry opportunity as crypto and blockchain finance evolves. This pioneering solution will close the gap, enabling round-the-clock trading of crypto futures, seven days/week, meeting the needs of a rapidly growing number of institutional participants.”

Javier Hernani, Head Securities Services, SIX commented: “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. At the same time, we have the opportunity to bring our Swiss and Spanish infrastructure strengths together by having a diverse project team with experts from both sides. We are creating a strong SIX Clearing services powerhouse that will benefit all our customers. We are excited to partner with LMAX Group and be part of this ground-breaking initiative.”

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